The up and down pace of sales that characterized the second half of 2010 appears to be ending on a high note.
The National Association of REALTORS® reports that existing home sales during November rose 5.6 percent over the previous month.
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Even though November 2010 sales are still 27.9 percent below November 2009 – the initial deadline for the first-time homebuyer tax credit – NAR chief economist, Lawrence Yun, notes, “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable.”
He adds, “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970.Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
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