National Statistics Show Improvement

Statistics for November released by the National Association of Realtors© show an increase of 5.6% in existing-home sales volume. While not a gigantic increase, it is a positive sign for the battered housing market which has seen a growth trend since hitting a volume bottom in July. Looking year to year this sales volume is still down considerable from November ’09, but that month had seen a dramatic influx due to the first expiration of the first-time homebuyer tax credit. Median home pricing has also seen a slight uptick in recent months and even over a year ago it’s up by 0.4%. All of this points to at least more stability within the housing market and meshes with economists forecast of minor growth to come. Only with a continued increase in sales and ultimately pricing will a bottom likely have been hit. In all likelihood there still remains market weakness in regards to pricing in our local housing market for the next year.

Other statistics as part of the release from NAR show foreclosures maintaining a similar market share of sold homes and a decline in the home inventory available. As always these national statistics should are indicators of the broader housing market, but market conditions may vary immensely by location. Call us for a consultation should you wish to discuss the value of your existing home.

Stephen Woodall
REALTOR, GRI @ Long Realty Company
Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.

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