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NAR: Existing Home Sales Rise 5.6% in November

December 9, 2010

This is from the National Association of Realtors.  It’s is a trend we have seen over the past few months.  There are definitely more buyers out there, and they are buying.  More job creation and interest rates staying under 5% are key to this housing recovery.  NAR predicts that we should be back to a healthy, sustainable real estate market by the end of 2011, mostly due to the increased affordability, low interest rates, and family income levels.  We will see about that.  The national median existing-home price for all housing types in November was $170,600, which is up .4% from November 2009.  Also, the level of inventory has fallen 4% in November, with a 9.5 month supply of homes.  This still translates into a buyer’s market…anything much over a 6 month supply = buyer’s market.  6 month supply is considered a “balanced market”.  It is expected that mortgage rates will hover just above the recent historical lows, while home prices will continue to stabilize.  Let’s hope that is the case. 

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