Buying a Home for Christmas?
By: Big 2 News Staff
Updated: December 20, 2011
November home
sales in the 53 largest metro areas rose 8.1% from last year, the
fifth-straight month of increases from a year earlier, according to the
real estate network RE/MAX.
The inventory of homes
on the market dropped for the 17th straight month. Inventory is down
23.7% from last year.
Given the rate of
sales, the national market currently holds a 7.8-month supply of homes,
which is down from a 10-month supply last year. A market balanced by
sellers and buyers usually holds a six-month inventory.
"This market is trying
hard to stabilize itself with home sales significantly stronger than
one year ago, even though we are entering the holiday season when sales
traditionally decline," said Margaret Kelly, CEO of
RE/MAX.
Home sales increased
31% in New Orleans, the most of the 41 metros that saw gains. With sales
trending higher, Kelly expects prices to follow. Most banking analysts
forecast prices to find a bottom sometime in 2012
before heading back up.
(Copyright: Housing Wire) Read more
(Copyright: Housing Wire) Read more
