Home Sales Surge to 10-Year High – The Homebuyers are Out ….Can They Find You?
America’s housing market appears poised to go out like a lion this year, as a pair of real estate reports this week showed home sales climbed to their highest level in a decade.
Sales of new houses clocked in at a seasonally adjusted annual rate of 733,000, according to a Friday report from the Census Bureau. That’s up 17.5 percent on the month and 26.6 percent on the year, representing the market’s strongest performance since 2007.
The West Coast led November’s gains with a 31.1 percent jump over the month. Sales in the Northeast, meanwhile, were up just 9.5 percent from October but spiked 53.3 percent on the year. Across the board, new home sales in November blew the prior months and years out of the water.
“These are the exact kinds of new home sales numbers the market has been desperate for the past few years,” Aaron Terrazas, a senior economist at real estate hub Zillow, said in a statement Friday. The surprisingly strong report trails an equally robust performance from America’s existing homes sector – which is comparatively the much larger real estate segment of the two. Existing home sales jumped 5.6 percent last month, registering a seasonally adjusted annual rate of more than 5.8 million, according to a report published Wednesday by the National Association of Realtors. That’s the strongest showing the U.S. has seen from its existing home base since late 2006. Read full article
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