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2/03/2016

Home Sales Increase


Existing home sales scheduled for December from those delayed into the month from November by problems with Truth-in-Lending disclosure (TRID) rule. Existing home sales rose by 14.7 percent from November to December.  The National Association of Realtors® (NAR) said the seasonally adjusted annual rate of sales during the month was 5.46 million homes compared to 4.76 million in November.
The monthly increase was the largest ever reported by NAR and more than offset the 10.5 percent plunge in sales in November, the largest slowdown since 2010, reducing the rate below that of November 2014.  The December sales returned the rate to positive territory, 7.7 percent higher than in December 2014.  All four regions of the country shared in the large increase.
Existing home sale numbers include completed sales transactions for single-family homes, condominiums, townhouses, and cooperative apartments.

  Single-family sales jumped 16.1 percent to a seasonally adjusted annual rate of 4.82 million from 4.15 million the previous month and were 7.1 percent higher than the 4.50 million pace a year earlier. Existing condominium and co-op sales increased 4.9 percent to a rate of 640,000 compared to 610,000 in November, and rose 12.3 percent year over year from a rate of 570,000 units.

Lawrence Yun, NAR chief economist, says December's year-end bounce caps off the best year of existing sales (5.26 million) since 2006 (6.48 million). 

This is positive news for real estate in United States. From the Coast of California to the Southern most Coast of Florida things are looking good. November December are usually the slower months because of Holidays.

I know you are groaning because you lost some of your down payment in the crazy wild stock market of recent weeks. China crash and Oil prices are the drivers of that boat.

The good news is the bond market is making mortgage rates at all time LOWS

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