We keep hearing positive stories about real estate. And here is yet another…
December 2011 Existing Home Sales Up
Last week, NAR® released their Existing Home Sales numbers for December 2011. So let’s look at it what NAR said and compare it to the latest real estate market conditions for Upstate SC.
The latest NAR data shows that U.S. Existing Home Sales rose 5.0% in December 2011 from the November 2011 level. Not only that but they are 3.6% higher than the December 2010 level. This is the 3rd consecutive month of improvements! For all of 2011, U.S. Existing Home Sales rose 1.7% above the 2010 numbers.
In the South, existing-home sales increased 2.9% in December 2011 and are 3.5% above the December 2010 level. In the December 2011 Market Indicator for Upstate South Carolina, we saw that closed sales were down 8.5%.
Total U.S. housing inventory at the end of December dropped 9.2% to 2.38 million existing homes available for sale. This is a 6.2-month supply at the current sales pace. The inventory for the entire U.S. is at the lowest level since March 2005!
In Upstate SC, inventory levels in December 2011 were down 11.1% from the December 2010 level. Sadly, this is a 16.9 month supply of homes for our area….
The U.S. median existing-home price for all housing types was $164,500 in December, which is 2.5% below December 2010. The U.S. median existing single-family home price was $165,100 in December 2011, which is 2.5% below December 2010.
The median price in the South was $146,900, down 1.1% from December 2010. In Upstate South Carolina, the median home price in December 2011 was $116,777. This is up 6.2% from the December 2010 level.