Stats show November Home Prices and Sales continued to Rise!

Existing-home sales continued to improve in November as a result of lower housing inventories pressure on home prices, says the National Association of Realtors®.

Total existing-home sales rose almost 6 percent. Home sales are at its highest level since November 2009.

NAR’s chief economist said there is healthy market demand. “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” he said. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes.

Additionally, the national median existing-home price for all housing was up over 10 percent from this time last year.

Distressed homes, such as foreclosures and short sales, sold at deeper discounts and accounted for 22 percent of November’s sales.  Foreclosures sold for an average discount of 20 percent below market value in November, while short sales were discounted 16 percent.

NAR and Yun predict that “The market share of distressed property sales will fall into the teens next year based on a diminishing number of seriously delinquent mortgages.”

It certainly seems by these latest numbers that a housing recovery is on the way!

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