With all the doom and gloom in the press over the past few years, let’s not forget that we have been getting some good news recently with regard to economic conditions and housing.
Consumer confidence has recently reached a six-month high.
The fundamentals of the housing market remain very positive:
- Interest rates continue to be historically low
- Reasonably-priced homes continue to be in demand
- Historic affordability conditions present qualified buyers and sellers with a clear path to reaching their homeownership goals.
Existing home sales for November rose 4% to an annual rate of 4.42 million (this number is lower than you’d think because NAR has revised or corrected it’s reporting methodology). Read the analysis here: November 2011 Existing Home Sales
And finally, new home sales for November rose 1.3% to an annual rate of 315,000 units which was in line with market expectations. This is almost 10% above the year ago level, but remains depressed from historic numbers. Read the analysis here: November 2011 New Home Sales