Genuine and sustained recovery in us home sales, says nar

Existing home sales in the United States rose again in November and remain above a year ago, according to the latest figures from the National Association of Realtors.

Existing home sales, which are completed transactions that include single family, town homes, condominiums and co-ops, increased 4% to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2% above the 3.94 million unit pace in November 2010.

NAR chief economist Lawrence Yun said more people are taking advantage of the buyer’s market.‘Sales reached the highest mark in 10 months and are 34% above the cyclical low point in the middle of 2010. A genuine sustained sales recovery appears to be developing,’ he explained.

‘We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long term plans,’ he added.

Source: PropertyWire.com