Monday, January 30, 2012
The President/CEO of Century 2, Rick Davidson, shared some figures today from the National Association of Realtors. For three months in a row prior to January, existing homes sales rose and remain above last years levels. Home sales increased 5% nationally in December and total housing inventory fell 9.2%. That makes it the lowest level of available inventory since March, 2005. But at the current rate of home sales, that's about a 6.2 month supply. With a market that continues this way, we could see a balanced market with prices stabilizing and even some possible growth. Freddie Mac fell to 3.95% interest rates in December setting another record! The National median home price was $164,500 in December. Cash transactions were down 1% and investors made up 21% of purchases in December and first time home buyers accounted for 31% of transactions. Distressed home made up 32% of sales in December which was up 3% over November. Confidence is building in the real estate market and now is a good time to think about moving.