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New data was recently released from the National Association of REALTORS® (NAR) stating home sales in 2013 grew 9.1% compared to 2012. Housing sales totaled 5.09 million units, the strongest performance since 2006 when sales reached an unsustainably high 6.48 million homes at the end of the housing boom.
Lawrence Yun, Chief Economist for NAR, stated. “Existing-home sales have risen nearly 20% since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market.” National home prices also rose 11.5% above 2012 prices, ending at $197,100. This was the strongest gain in housing prices since 2005, when it rose 12.4%.
Especially encouraging was the decline of distressed homes selling in 2013. Foreclosures and short sales were 14% of December 2013 sales nationwide, down from 24% in December 2012.
NAR says the housing market will continue to experience a growth in home sales, provided the job market continues to improve. Job security will help young adults move out of their parent’s homes and buy, with predictions showing up to 1.5 million new households this year (includes renting and buying).
Categories: Quarterly Newsletter
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