New residential sales in December 2011 less than expected
Posted on Tuesday, January 31, 2012 at 4:31:08 PM
Sales of new single-family residential homes in December 2011 were at a seasonally adjusted annual rate of 307,000, according to new estimates from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
This was less than predicted. However, market experts declare that residential home sales during the holidays are typically less than average. Consumers outfitted with smart residential financing options, a large percent down payment on the property and decent credit can benefit in the housing market by affording quality properties.
According to the report, the 307,000 single-family housing sales from December 2011 is 2.2 percent less than the revised November 2011 rate of 314,000, and is 7.3 percent below the December 2010 estimate of 331,000. While sales may be down, first time home buyers can find a large variety of homes for sale and take advantage of the market's historically low mortgage rates to find their new home.
First time home buyers credit is available for consumers looking to exchange their rent check for a mortgage check.