Us home sales rise for third consecutive month

US home sales continued to rise in December 2011 for the third consecutive month according to the latest figures from the National Association of Realtors.

Volumes were up 5% year-on-year to a seasonally adjusted annual rate of 4.61 million in December from 4.39 million in November.

The numbers are based on completed transactions from multiple listing services that include single family homes, town homes, and condominiums.

Lawrence Yun, the chief economist at NAR, told OPP tht “the pattern of home sales in recent months demonstrates a market in recovery. Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

Source: OPP.org.uk