Sales of existing single-family homes rose in December for the third straight month and Realtors are hoping it could be the start of a long-awaited recovery in the housing market.
The National Association of Realtors reported Friday morning that single-family sales rose 4.6% in December after rising 4% in November.
"The pattern of home sales in recent months demonstrates a market in recovery," said NAR chief economist Lawrence Yun.
Sales of previously owned single-family homes rose to a 4.11 million seasonally adjusted annual rate in December from a 3.93 million rate in November.
Yearend totals show 3.78 million single-family homes were sold in 2011, up 2% from 2010.
Sales of existing condominiums and cooperatives rose 8.7% from November to a 500,000 SAAR in December. In 2011, condo/co-op sales totaled 477,000 units, basically unchanged from the prior year.
Two-thirds of 2011 sales involved properties priced below $250,000 and less than 10% of sales involved properties priced above $500,000. Overall, prices appear to have stabilized last year. The median sales price of a single-family house was $165,100 in December, which is 2.5% lower than a year ago.
The median sales price of co-ops and condominiums was $160,000 in December, down 3% from a year ago. Last year, 33% of existing home sales involved foreclosure and short sales.
