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Home Sales Jump in 4th-Quarter

February 17th, 2011 7:43 AM by Eileen Denhard

Existing-Home Sales Jump in the Fourth-Quarter

Existing-home sales jumped 15.4 percent to a seasonally adjusted annual rate of 4.80 million in the fourth quarter of 2010 from 4.16 million the previous quarter, but they were 19.5 percent below the 5.97 million homes sold in the fourth quarter of 2009, according to NAR’s quarterly metro report.

The national median sale price of an existing home was $170,600 in the fourth quarter, up 0.2 percent from $170,300 a year earlier. Home prices also rose in 78 of the 152 metro areas surveyed, including 10 areas that logged double-digit increases. In the fourth quarter of 2009, 67 metro posted annual price gains. However, 71 areas still had price declines in the last quarter of 2010, while three were unchanged.

Distressed properties accounted for 34 percent of fourth quarter sales, up from 32 percent a year earlier. Distressed homs sold at a discount of 10 to 15 percent.

Regionally, existing-home sales in the Northeast rose 15 percent in the fourth quarter to 797,000, but were 22.8 percent lower than a year earlier. The median sale price of an existing home in the Northeast increased 2.3 percent to $240,400 in the fourth quarter.

In the Midwest, existing-home sales jumped 18.3 percent in the fourth quarter to 1.02 million, but were 25.4 percent below the previous year. The median sale price of an existing home in the Midwest was $139,200, just 0.5 percent above the same period in 2009.

Existing-home sales in the South rose 11.4 percent in the fourth quarter to 1.82 million but were 17.8 percent below the previous year. The median sale price of an existing home in the South was $152,400, up slightly 0.3 percent from a year ago.

In the West, existing-home sales jumped 19.9 percent in the fourth quarter to 1.17 million, but were 14.2 percent below the sales posted in the fourth quarter of 2009. The median sale price of an existing home in the West fell 2.9 percent to $214,400 in the fourth quarter compared to a year earlier. Fri, Feb 11, 2011
CRS

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Posted by Eileen Denhard on February 17th, 2011 7:43 AM

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