Existing-home sales increased for the third consecutive month in December, climbing 5 percent to a seasonally adjusted annual rate of 4.61 million from 4.39 million in November, according to the latest figures released by the National Association of Realtors on Friday. Sales were 3.6 percent higher than the 4.45 million-unit-pace recorded in December 2010.
Existing-home sales increased for the third consecutive month in December, climbing 5 percent to a seasonally adjusted annual rate of 4.61 million from 4.39 million in November, according to the latest figures released by the National Association of Realtors on Friday. Sales were 3.6 percent higher than the 4.45 million-unit-pace recorded in December 2010.
Existing single-family home sales increased 4.60 percent in December to a rate of 4.11 million from 3.93 million in November. That sales pace for single-family units is 4.3 percent higher than the pace of 3.94 million set last year.
The latest figures could be a sign of a sustained recovery. "The pattern of home sales in recent months demonstrates a market in recovery," said NAR Chief Economist Lawrence Yun. "Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market."
In all of 2011, existing home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.
"The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves," said NAR President Moe Veissi. "More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services."
