According to NAR, existing home sales were back on an upward track in November 2010, starting the growing trend again since bottoming in July. Home sales, which include townhomes, single-family, co-ops and condominuims, rose to 5.6% in November from 4.43 million in October.
It seems that buyers are respoding to good affordability conditions. Mortgage rates coupled with home prices and family income have been the best since 1970, according to Lawrence Yun, NAR chief economist. He also added that the market seems to be recovering and should continue up to a sustaibable level in 2011.
The total housing inventory at the end of November 2010 is representative of a 9.5 month supply, down from 10.5 the previous month. 2/3 of distressed sales were foreclosures.
Freddie Mac says the national average for a 30 year, conventional, fixed rate mortgage was up to 4.30 % in November from 4.23% in October (a record low).
NAR’s statistics show that in the South, existing home sales rose 2.9% to 1.76 million in November and the median price was $148,000, down 2.6% from the same time a year ago.
What does that mean for you as a buyer? It means that the mortgage interest rates should stay just around record lows, while the prices of homes have stabalized. In other words, it’s a GREAT TIME TO BUY. There are typically fewer buyers at this time of year, so serious buyers have great opportunities during these winter months. Contact the Restivo Team today to find your dream home…we are here to help.
