Existing Home Sales, News

Existing home sales show surprise gain

 

From CNN:

The number of existing homes sold in December rose 6.5% from the previous month, according to a housing industry report released Monday.

The National Association of Realtors said that home sales increased to a seasonally-adjusted, annualized rate of 4.74 million units. That’s up from a revised 4.45 million units sold in November and more than the 4.4 million units projected by a consensus of industry analysts as reported by Briefing.com.

Still, December’s existing home sales are down 3.5% compared with December of 2007, when the seasonally-adjusted, annual rate was 4.91 million.

and:

The median existing home price was down 15.3% to $175,400 from December 2007, when the median price was $207,000. The median price measures where half of the homes sold for more and half sold for less.

At some point, prices will drop to a point that homes become affordable. The real question is how many of these homes were either REO or short sales.

 

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