2012 Starts with Increased Sales and Stable Prices
For the 7th straight month, home sales in January inched higher, rising 3.4% above the level seen last January. This data is based on a weighted average of 53 metropolitan areas surveyed for the RE/MAX National Housing Report. After an unexpected jump in sales at the end of 2011, January sales returned to a seasonal norm and were down on a monthly basis 19.3% from December. Perhaps due to falling foreclosure numbers, January was the 19th consecutive month that inventory levels dropped. The number of homes for sale last month was 24.1% lower than the number seen in January 2011. In the 53 metro areas, home prices were down only 0.8% from one year ago, building a trend of much anticipated price stabilization.
The above is an excerpt from the monthly RE/MAX National Housing Report. For more information click here to see the full two-page report.
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