Real Estate News You Can Use: Housing sales looking up in 2011
According to our National Association of Realtors, U.S. home resales jumped more than expected in December despite bad weather as sellers cut prices, offering some hope for a sector that has been struggling to recover. The U.S. economy has been growing for over a year, having emerged from its deepest recession in generations.
Existing home sales soared 12.3 percent to an annual rate of 5.28 million units, the National Association of Realtors said in January, far surpassing forecasts for a rise to 4.85 million. This is great news!
A jump in mortgage rates may have pushed some buyers into the market by raising concern of even further increases, said Lawrence Yun, chief economist at the NAR.
Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors.
Lawrence Yun, The National Association of Realtors chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said.
The Pending Homes Sales Index, a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December.
Locally in Summit County there are currently 138 properties in “Pending Status” with 1,333 residential properties currently on the market for sale. The number of residential properties that sold in 2010 were 1,012, up from 919 the previous year according to our MLS statistics. That is an increase in number of transaction of approximately 10 percent! (Our MLS statistics only include properties that are listed for sale and sold through our local board of Realtors.)
With attractive interest rates and a good supply of properties to choose from more buyers are moving forward to buy and 2011 looks like a good year for real estate sales. This is the market many buyers have been waiting for.
Cynthia Goda has been a Summit County Realtor for 26 years. You can
contact her by calling (970) 468-0404 or email email@example.com.
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