US national property sales surge 12 percent
Existing-home sales rose sharply in December, when sales increased for
the fifth time in the past six months, according to the National
Association of REALTORS®.
Existing-home sales rose 12.3 percent in December from November.
Lawrence Yun, NAR chief economist, says sales are on an uptrend.
“December was a good finish to 2010, when sales fluctuate more than
normal.
The pattern over the past six months is clearly showing a
recovery,” he says. “The recovery will likely continue as job growth
gains momentum and rising rents encourage more renters into ownership
while exceptional affordability conditions remain.”
Investors accounted for 20 percent of transactions in December and
all-cash sales were at 29 percent . “All-cash sales have been
consistently high at about 30 percent of the market over the past six
months,” Yun says.
In the South, existing-home sales increased 10.1 percent to an annual
pace of 1.97 million in December.
Posted: 15 February 2011
Source: Orlando Regional Realtors Association
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