Shock 5.7% jump in american home sales

The American home market achieved a shock jump in sales by 5.7% in December month-on-month to buck the national trend according to RE/MAX’s annual housing report.

On a year-on-year basis sales were also up 1.1% compared to December 2010’s numbers. A fall in foreclosures on the market also meant that the number of homes for sale fell for the 18th consecutive month…leaving the total more than a quarter (25.7%) down on last year. Providence in Rhode Island experienced the biggest sales jump, with 32.3% more homes sold in December 2011 than December 2010.

Margaret Kelly, chief executive of RE/MAX, said: “We’re pleasantly surprised to see the year end with such strong sales and hope this trend will continue into the traditional Spring selling season.”

Kelly speculated the shock sales upturn “may be due to increased investor involvement and transactions that were scheduled to occur before the end of the year.”

Source: OPP.org.uk