Pace of U.S. Home Resales Jumps

November 24th, 2009 Categories: Real Estate Tools

Home buyers last month snapped up previously owned properties at the fastest pace in more than two years, a Realtors group said Monday.

Home resales increased 10.1% to a seasonally adjusted annual rate of 6.1 million units in October from a downward-revised pace of 5.54 million in September, according to the National Assn. of Realtors in Washington. The October figure was up 23.5% from the seasonally adjusted annual rate of 4.94 million units a year earlier. The last time the sales pace was that swift was in February 2007.

The buying was motivated by low interest rates, a credit for first-time buyers and cheap housing, the association said. The national median home price — the point at which half the homes sold for more and half for less — was $173,100 in October, down 1% from September and off 7.1% from October of last year. Whether the stabilization of the housing market will continue remains a subject of debate among housing analysts and economists.

In a note to clients Monday, Patrick Newport, U.S. economist for IHS Global Insight, predicted a sales plunge in December, with mortgage loan volume tracked by the Mortgage Bankers Assn. recently dropping to a level not seen in 12 years.

“This surge may last one more month” into November, he wrote.

Read the rest of the story at Valerie Fitzgerald Group.

The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.

This entry was posted on Tuesday, November 24th, 2009 at 9:58 am and is filed under Real Estate Tools. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Comments »

James said:

It had to pick up some day. We all hope the luxury real estate market will start to climb again.

# 24 November 2009 at 3:42 pm

Simon Salloom said:

Simon Salloom: LA Times: Southern California home prices and sales improve in November
Southern California’s real estate industry, decimated by the mortgage meltdown and housing bust, is stirring to life again — even making hiring plans — as home prices bounce back.
Find more information about Santa Monica and Brentwood Real Estate here

# 29 December 2009 at 1:10 am

Simon Salloom said:

Good thing you have done here, Thanks!
Simon Salloom: LA Times: Southern California home prices and sales improve in November
Southern California’s real estate industry, decimated by the mortgage meltdown and housing bust, is stirring to life again — even making hiring plans — as home prices bounce back.
Find more information about Santa Monica and Brentwood Real Estate here

# 29 December 2009 at 9:36 pm