December Existing-Home Sales Up 1%

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It seems that 2013 was really a seller’s market except for the stringent requirement to qualify for a mortgage. Most Mortgage Brokers think that the lenders are taking advantage for this increase in sales to demand that buyers are “Over Qualified” before they will grant a mortgage. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

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Existing-home sales finished 2013 with a slight increase, closing the book on the strongest year for sales since 2006, the National Association of Realtors (NAR) reported Thursday.

Total existing-home sales–including all completed transactions of single-family homes, townhomes, condominiums, and co-ops–increased 1.0 percent month-over-month to a seasonally adjusted annualized rate of 4.87 million last month. November’s sales rate was revised down to 4.82 million.

December’s sales were down year-over-year, coming up 0.6 percent short of December 2012’s pace of 4.90 million.

Removing all other types of sales, sales of existing single-family homes rose 1.9 percent from November to an adjusted annual rate of 4.30 million. Compared to the prior year, single-family sales were down 0.7 percent.

For all of last year, NAR estimates there were 5.09 million existing-home sales, a 9.1 percent improvement from 2012.

“Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” said NAR chief economist Lawrence Yun. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”

To read the complete article – please use the link below.

Home Sales Up

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