Housing sales slowed in December | Boston Homes Prime Real ...

Posted by Marilyn Jackson on Jan 22, 2013 in Blog about Boston Real Estate | Comments Off

Home sales nationally slowed in December, according to the National Association of Realtors, but they were higher than a year ago.

Pent-up demand is sustaining the market, sayd Lawrence Yun, NAR chief economist. ?Record low mortgage interest rates clearly ae helping many homebuyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales.

?The potential number of buyers who stayed on the sidelines accumulated during the recession, but they started entering the market early last year as their financial ability and confidence steadily grew, along with home prices. Likely job creation and household formation will continue to fuel that growth. Both sales and prices will again be higher in 2013,? he said.

First-time buyers accounted for 30 percent of purchases in December.

Distressed homes ? foreclosures and short sales ? accounted for 24 percent of December sales (12 percent were foreclosures and 12 percent were short sales), up from 22 percent in November but below the 32 percent share in December 2011.

At the end of December, only a 4.4-month supply of existing homes was available for sale or 1.82 million homes, which includes single-family homes and condominiums. This is the lowest housing supply since May 2005, when it was 4.3 months, which was near the peak of the housing boom, according to NAR.

Source: http://wickedlocalbostonhomes.com/2013/01/boston-real-estate/housing-sales-slowed-in-december/

Anna Kendrick Sandy Hook conspiracy Stuart Scott Holly Rowe Chief Keef Jodi Arias FRANK ZAMBONI