Home sales in the United States rose in December to the highest pace in nearly a year, the National Association of Realtors reported. The gain coincided with other signs that show the troubled housing market improved at the end of 2011.
Still, sales remain depressed and ended the year well below healthy levels.
The Realtors group said home sales increased 5 percent last month to a seasonally adjusted annual rate of 4.61 million.
“The pattern of home sales in recent months demonstrates a market in recovery,” said Lawrence Yun, the group’s chief economist. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
For the year, home sales totaled only 4.26 million, up from 4.19 million the previous year. Since the housing bust four years ago, home sales have slumped under the weight of foreclosures, tighter credit and falling price.
Article source: http://feeds.nytimes.com/click.phdo?i=d8e8b4cc2391d8fbcade23ec5eacf7ca
Speak Your Mind
You must be logged in to post a comment.