News & Information: Real Estate News

Nation's year-end sales tally highest since 2007

Tuesday, January 22, 2013  
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The nation's existing-home sales for December are 12.8 percent that of December 2011, reports the National Association of REALTORS®. For the entire year, preliminary data indicates that sales are up 9.2 over the 2011 total, making it the highest volume since 2007 and the strongest increase since 2004.

Lawrence Yun , NAR chief economist, says pent-up demand is sustaining the market. "Record low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales," he says. "The number of potential buyers who stayed on the sidelines accumulated during the recession, but they started entering the market early last year as their financial ability and confidence steadily grew, along with home prices. Likely job creation and household formation will continue to fuel that growth. Both sales and prices will again be higher in 2013."

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