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Home sale rates improve for January 2012

Posted on Tuesday, February 28, 2012 at 4:53:54 PM

For the fourth straight month, existing-home sales increased, according to the National Association of Realtors (NAR). The total homes sales that completed the transaction and home financing process included single-family homes, condominiums, townhouses and co-ops.

"Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago," NAR President Moe Veissi said. "With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year."

Overall, sales increased 4.3 percent to a seasonally adjusted rate of 4.57 million in January 2012 to a revised 4.38 million in December 2011, according to the report. That is a 4.54 increase from January 2011 - showing true market improvements as residential lending options become easier to attain for many credit-worthy consumers.

Individuals searching for homes may wish to consider first-time homebuyer credits to provide additional assistance and increase affordability. The current home market may just yield incomparable conditions for homebuyers seeking to purchase properties with relatively low mortgage and interest rates attached.ADNFCR-16001052-ID-800718227-ADNFCR