Year End Reports Reveal Housing Market Coming Back

recoveryHousing Year End Reports Reveal Market Coming Back

Year-end housing reports revealed that the real estate market is recovering quite well. Is the housing market really coming back? Here’s a breakdown to help you decide courtesy of Keeping Current Matters:

Existing Home Sales Report

  • Total existing-home sales rose 5.9 percent in November over last month.
  • Sales are 14.5 percent higher than November 2011
  • Sales are at the highest level since November 2009
  • The National median existing-home price  was $180,600 in November, up 10.1 percent from November 2011
  • Total housing inventory at the end of November fell to 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was at 4.6 months

Pending Sales Report

  • Pending home sales increased in November the third straight month and reached the highest level in two-and-a-half years
  • The index is the highest level since April 2010 when buyers were rushing out to beat the deadline for the home buyer tax credit
  • With the exception of several months affected by tax stimulus, the last time there was a higher reading was February 2007
  • On a year-over-year basis, home sales have risen for 19 consecutive months

New Home Sales Report

  • Sales of new homes rose 4.4 % in November to a two-and-a-half-year high
  • This is the highest level since April 2010, when a temporary tax credit boosted demand
  • Sales are now 15.3% higher compared to one year ago

Case Shiller Home Price Index

  • Home prices rose 4.3% in the 12 months ending in October
  • In nineteen of the of the 20 cities covered, annual returns in October were higher than September

If making a move is in your plans for the New Year, give your LOCAL Prudential Select Properties Agent a call…

Prudential Select Properties St Charles County Office, 636-720-1100

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