The revisions of the home sale data for the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. However, there were no month-to-month changes to home prices or month’s supply.
Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”
Freddie Mac reportes that the 30-year, conventional, fixed-rate mortgage fell to a record low 3.99 percent in November from 4.07 percent in October; the rate was 4.30 percent in November 2010. Records date back to 1971.
The end of November showed a 5.8% decrease in total housing inventory whose total equates to a 7 month supply (down .7% from a month earlier).
Down 3.5% from one year ago, the national median existing-home price for all housing types was $164,200. Foreclosures and short sales selling at deep discounts accounted for 29% of sales in November.
November also saw a 4.5% increase in single family home sales whose total equates to a 12.9% increase over one year earlier.
Source: National Association of Realtors®