Existing-home sales decline, but positive trends emerge
Posted on Thursday, December 19, 2013 at 10:01:02 AM
The number of existing-home sales has dropped in November, according to recent data from the National Association of Realtors.
However, there is still good news for those interested in residential financing. Price gains have continued, and many housing markets across the U.S. are still performing well.
For November, total existing-home sales, including single-family houses, townhomes, condos and co-ops, decreased 4.3 percent month-over-month to a seasonally adjusted annual rate of 4.90 million units, NAR reported. That is also 1.2 percent lower than November 2012's figure.
Lawrence Yun, chief economist for NAR, said that higher residential financing rates have had an impact, as well as a limited housing supply.
Even so, the median sales price went up 9.4 percent for the month to $196,300, and distressed properties accounted for 14 percent of total sales.
According to Zillow, a number of housing markets across the U.S. are still performing well. For example, the west coast is full of healthy segments, with fast home value appreciation and other positive factors. The east coast wasn't left out, though, and Boston clocked in as one of the top regions, followed closely by Pittsburgh and New York City.