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Homeowners sold 5 million homes in 2013, a rebound year for the industry that marked the highest level of sales since the housing boom year of 2006.
The report from the National Association of Realtors showed that there were 5.1 million previously owned homes sold in the year, up 9.2% from 2012 and up nearly 20% from 2011.
The Realtors attributed the full-year gain to rising prices, lower unemployment, a drop in foreclosures and pent-up demand, as well as mortgage rates that are still low by historical standards, even with the steady increases most of the year.
The median price of a home sold in the year was $197,100, up 11.4% from the previous year. Rising prices have reduced the number of homeowners who owe more on their mortgage than their home is worth, helping to bring more buyers into the market.
A lot of people are not underwater anymore, which frees them to move.
Especially in FL.
I've bought a couple of homes in FL since I moved away from there, and there was definitely some price movement from 2010 to 2013.
Ironically, though, the house I sold in late 2001 just sold last month for basically the same price as I sold it for over a decade earlier.
Homes are selling now but home sales will flatten out like Jay Carney's EEG if interest rates climb 2-3%. Never underestimate the power of cheap money.
A lot of people are not underwater anymore, which frees them to move.
Yep...it's going gangbusters where i'm at. It was kinda stagnant the last few years though. My neighbor is a realtor, and he's been pretty chipper lately.
Ironically, though, the house I sold in late 2001 just sold last month for basically the same price as I sold it for over a decade earlier.
In South Florida houses were very cheap in 2001. A 3 br house today is pretty much double than in 2001. Depends on the neighbothood of course. Of course in 2007 they were not double, but triple.
by Reuters Jan 23rd 2014 10:10AM
Updated Jan 23rd 2014 12:46PM
Existing Home SalesGene J. Puskar/APBy Lucia Mutikani
WASHINGTON -- U.S. home resales rose in December after three straight months of declines, showing some resilience in the housing market recovery despite higher mortgage rates.
While other data Thursday showed a marginal rise in first-time applications for unemployment benefits last week and a slowdown in factory activity this month, the underlying trend continued to point to better economic fundamentals.
Existing home sales rose 1 percent last month to an annual rate of 4.87 million units, the National Association of Realtors said. Economists polled by Reuters had expected home resales to rise to a 4.94 million-unit pace in December.
November's sales pace was revised to 4.82 million units from the previously reported 4.90 million-unit rate. Economists said cold weather last month likely hampered sales.
"The recent housing market slowdown is being exacerbated by transitory factors such as weather," said Gennadiy Goldberg,
an economist at TD Securities (TD) in New York. "We generally expect housing market activity to accelerate in subsequent months."
Home sales in 2013 were the highest since 2006. In a separate report, the Labor Department said initial claims for state unemployment benefits ticked up 1,000 to a seasonally adjusted 326,000 last week. Home Sales End Losing Streak; Jobless Claims Rise - DailyFinance
Homeowners sold 5 million homes in 2013, a rebound year for the industry that marked the highest level of sales since the housing boom year of 2006.
The report from the National Association of Realtors showed that there were 5.1 million previously owned homes sold in the year, up 9.2% from 2012 and up nearly 20% from 2011.
The Realtors attributed the full-year gain to rising prices, lower unemployment, a drop in foreclosures and pent-up demand, as well as mortgage rates that are still low by historical standards, even with the steady increases most of the year.
The median price of a home sold in the year was $197,100, up 11.4% from the previous year. Rising prices have reduced the number of homeowners who owe more on their mortgage than their home is worth, helping to bring more buyers into the market.
WASHINGTON -- U.S. home resales rose in December after three straight months of declines,
You mean Obama has only been president for the months of September, October, and November of 2013!?!?!?!
Because, of course, nothing good can happen while Obama is the president.
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