Previously Owned U.S. Home Sales Climb to 4.92 Million (best year since 2007)
Source: Bloomberg
By Shobhana Chandra - Feb 21, 2013
Sales of previously owned U.S. homes increased in January, showing more momentum for the industry coming off its best year since 2007.
Purchases of existing houses, tabulated when a contract closes, increased 0.4 percent to a 4.92 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of 79 economists surveyed by Bloomberg called for a 4.9 million pace. The number of available properties slumped to the lowest level since 1999.
A sustained pickup in housing will depend on faster progress in the labor market, fewer foreclosures and easier access to credit. Mortgage rates close to all-time lows and the prospect of firming prices are luring buyers at the same time the inventory of homes shrinks and limits bigger gains in sales.
“It’s a good start to the year,” said Carl Riccadonna, senior U.S. economist at Deutsche Bank Securities Inc. in New York, who projected a 4.9 million rate. “Incomes continue to rise, interest rates are low and inventory is lean. The outlook is improving.”
Read more: http://www.bloomberg.com/news/2013-02-21/previously-owned-u-s-home-sales-climb-to-4-92-million.html
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Kingofalldems
(38,460 posts)geek tragedy
(68,868 posts)Very, very difficult to get a 2 bedroom apartment in a good neighborhood for under $600,000, let alone $500,000.
2-3 years ago you could buy into a decent neighborhood at under half a million if you didn't mind stairs. Not anymore.
Purveyor
(29,876 posts)geek tragedy
(68,868 posts)Hestia
(3,818 posts)much for an apartment! It had better come with robots to clean me and the apartment, along with swimming pool and parking space! Prices such as those in NY are the reason property is still massively overpriced here in the inner states.
