Good News: Existing Home Sales Jump

As you wander through life,
whatever be your goal,
keep your eye on the donut
and not on the hole!
-Sign in the Mayflower Coffee Shop, Chicago

This quote came to us through our Windermere Coeur d’Alene Realty newsletter this week, and we thought you would appreciate it.

It’s also a great introduction to the Market News that we want to pass along to you today.  It’s GOOD NEWS, especially in the context of the news of recent years. 

Daily Real Estate News  |  January 20, 2011
REALTOR® Magazine-Daily News-December Existing-Home Sales Jump

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

 “The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

We’ve been focusing on the donut instead of the hole – and we’ve already closed several transactions in 2011!

We have strategies that WORK!  We can help you buy or sell real estate this year. Call us Today!

Randy or Christy Oetken

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