National Home Sales and Prices Rise Again
The October Re/Max National Housing report states closed transactions increased 17.8% over October 2011, while the median home price rose 2.1%. It is the ninth month in a row that prices have been higher than the same month last year.
The information for the report comes from MLS data in 52 metropolitan areas. It shows there is a rebound but one that could be blunted by market forces.
"As we enter the fourth quarter, 2012 is looking like the turnaround year for housing, with significant increases in sales and prices," said Margaret Kelly, CEO of Re/Max LLC. "However, we recognize that this recovery is still fragile and dependent on more reasonable lending and regulation. If qualified buyers can obtain mortgages and more inventory comes to market, this recovery could become even stronger next spring."
Among the cities with the largest year-over-year increase in price are Phoenix 34%, San Francisco 31% and Detroit 26%.