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Existing-home sales and builder confidence rise

Los Angeles Times - Nov 19, 2012

The housing market recovery showed signs it is continuing to strengthen as sales of existing homes increased 2.1% in October from the previous month and a measure of home-builder confidence jumped in November to its highest level since 2006.

Sales of existing homes rose to a seasonally adjusted annual rate of 4.79 million last month, up from a downwardly revised 4.69 million rate in September, that National Assn. of Realtors reported Monday. Sales were up 10.9% in October from a year earlier.

Stronger demand helped push up the median home price nationwide to $178,600 in October, an increase of 11.1% from a year earlier, the group said. It was the eighth-straight month to show a year-over-year increase, the first time that's happened since 2005-2006.

Fewer houses on the market also helped drive price increases. There were 2.14 million existing homes for sale in October, down 1.4% from September. That translates to a 5.4-month supply at the current sales rate, the lowest level since February 2006.

Read Full Article from Los Angeles Times

- Posted: 2012-11-19 14:48:36


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