Existing homes sales improved 5.6 percent to a to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October according to the National Association of Realtors. However, sales remain 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
“Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” said Lawrence Yun, NAR chief economist.
According to NAR, home buyers are responding to improved affordability conditions due to the market for buying a home being the most favorable since the organization started measuring in 1970. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011,” said Yun.
The national median existing-home price for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
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