The pace of home sales in December of last year beat the previous year by nearly 13%, according to the National Association of Realtors. That meant sales for the whole of 2012 were up nearly 10% over 2011, the best since 2007. The two factors having the biggest impact on the sales increases are continues low mortgage rates and lower unemployment. Those, coupled with rising home prices are luring buyers out of the background.
The increase is expected to continue throughout the rest of 2013 and into 2014. This rise in existing home sales has led to the lowest home inventory numbers since January 2001. This is partly due to a drop in the total number of foreclosures and distressed homes, which now account for less than a quarter of all home sales, as compared to 32% last year. The median sale price for a house rose to $176,600, the highest rate since 2005.
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