Home sales improve nationally in December
- Share via
Home sales rose nationally in December, marking the third consecutive month that the market has shown improvement.
Previously owned homes were sold at a seasonally adjusted annual rate of 4.61 million units, up 5.0% from November and 3.6% from December a year prior, according to the National Assn. of Realtors.
“The market for single-family homes picked up in the second half of 2011, after being stuck near the bottom for nearly three years,” Patrick Newport, an economist with IHS Global Insight, wrote in a note. “This pickup is real, but the road to recovery will be a slow one.”
About one in three homes sold last month was a so-called distressed sale, either a foreclosure or a short sale, the latter involving a bank allowing a home to be sold for less than the outstanding debt on the property. Roughly one in three homes was purchased in cash.
The nation’s housing inventory dropped 9.2% from the prior month, to 2.38 million homes available for sale. That represents a supply of six months and a little less than a week. Economists consider about six months of supply to be a stable market.
RELATED:
Freddie Mac shows record rates again
Investors flood Southern California housing market
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
