US Residential Properties: NAR Reports Surge in Sales
The National Association of Realtors (NAR) has reported good development on existing home sales in the United States. Latest figures place good recovery for the real estate sector since the past year.
A 4% increase in completed transactions on sales of housing properties last November since October proved portent of better consumer confidence in property acquisition. People seem to have gained a renewed interest in acquiring residential properties i.e. single family, condominiums, co-ops, etc.
NAR values current sales to have outpaced that of November 2010’s 3.90 million at 4.42 million – a 12% increase – for November 2011.
Such development is attributed to the increased affordability of housing properties in the past year. As stated by NAR president Moe Veissi, “with record low mortgage interest rates and bargain home prices, NAR’s housing affordability index shows that a median income family can easily afford a median priced home.”
However, the market could have done much better if it weren’t for contract failures at hand. NAR saw a 33% totality on contract failures from its members that indicated a huge leg-up over a year ago that held only 9%.
NAR saw a drop in market prices of home properties in almost every part of the country within 2011, making it possible for more consumers to take on purchasing their own. Investors and first time buyers offered all though little growth in numbers yet still significant help in making this phase of sustained recovery of the real estate market.
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