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ENTITLE DIRECT > Title Insurance Knowledge > Existing-home sales jump 5 percent in December

Existing-home sales jump 5 percent in December

01/23/2012
Continuing what had been a three-month trend, existing-home sales finished 2011 in positive territory, a new report from the National Association of Realtors confirms.

According to NAR, existing-home sales - which includes single-family homes, townhomes, condominiums and co-ops - rose 5 percent in December to a seasonally adjusted annual rate of 4.61 million, up from 4.39 million in November. They were also well ahead of sales during the same month in 2010, which amounted to 4.45 million units sold.

Lawrence Yun, NAR chief economist, said the consecutive months of positive growth may be an indication of what's to come in the days ahead.

"The pattern of home sales in recent months demonstrates a market in recovery," said Yun.

He added that record low mortgage rates, affordable closing costs and cheap home prices are giving consumers added incentive to enter the market.

Moe Veissi, president of NAR, said attractive buying conditions are likely here to stay for the foreseeable future.

"The American dream of homeownership is alive and well," said Veissi. "We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves."

Reinforcng Veissi's prediction is the fact that builder confidence has been on the rise. The National Association of Home Builders' Housing Market Index jumped four points to 25 in January, its fourth-straight monthly climb. It also marks the highest level its been in more than four years.

"Builder confidence has now risen four months in a row, with the latest uptick being universally represented across every index component and region," said Bob Nielsen, chairman of the NAHB. "This good news comes on the heels of several months of gains in single-family housing starts and sales, and is yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide."

David Crowe, chief economist at NAHB, noted that builders' confidence levels are improving because greater consumer sentiment is taking hold throughout much of the country. Nevertheless, construction companies aren't taking anything for granted.

"Caution remains the word of the day as many builders continue to voice concerns about potential clients being unable to qualify for an affordable mortgage, appraisals coming through below construction cost, and the continuing flow of foreclosed properties hitting the market," said Crowe.

The foreclosure market also appears to be improving, however, as there were nearly 2 million fewer foreclosures in 2011 compared to the previous year, according to RealtyTrac.