The housing market statistics for December 2010 are in and they show that the year ended on a positive note. Existing home sales saw a sharp increase in December which was the fifth time in the past six months that sales have increased according to the National Association of Realtors.
Existing homes sales are those transactions that are completed that include a single-family home, town-homes, condominiums, and co-ops. The month of December noted a 12.3 percent increase to a seasonally adjusted annual rate of 5.28 million. These numbers were up from November was 4.70 million. However, these numbers still remain 2.9 percent below the 5.44 million that was seen in December of 2009.
The good news is that sales are on an uptrend according to, Lawrence Yun, chief economist for the National Association of Realtors. Yun stated, “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery.” Yun also had this to say about December’s home sales, “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
The December national median existing home price was $ 168,800, which is 1 percent the December 2009 value. The total housing inventory noticed a decrease in December of 4.2 percent to a total of 3.56 million existing homes left for sale.
The Minneapolis area did well the month of December with existing home sales in the Midwest rising 11.0 percent to a level of 1.11 million. The median price of a home in the Midwest was $139,700 which is up 3.3 percent from December of 2009.
If you are looking to sell your home or buy a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson/ Coldwell Banker Burnet/ 952-974-3466