House sales rose slightly in November, with industry insiders expressing hopes that America’s property markets are stabilizing in the wake of the year’s subprime mortgage problems.
Total house sales – including single-family, townhouses, condominiums and co-ops – rose 0.4 percent to an annual rate of 5.00 million units in November from 4.98 million in October, but still 20.0 percent below the 6.25 million-unit level in November 2006 says the National Association of Realtors.
Lawrence Yun, NAR chief economist, said:
“Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing. Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market. There are large local variations in house prices… nearly two-thirds of metro areas are showing price increases. Among the many metros experiencing healthy local price gains are Farmington, New Mexico; Reading, Pennsylvania; Columbia, South Carolina; and Fargo, North Dakota.”
The median house price for all housing in America was $210,200 in November, down 3.3 percent from November 2006 when it was $217,300.
Single-family home sales rose 0.7 percent. The median existing single-family house price was $208,700 in November, down 3.7 percent from a year earlier.
Regional Numbers
The number of houses sold in the South fell 2.0 percent to an annual rate of 1.99 million in November, 19 percent below a year ago. The median price in the South was $174,200, 2.5 percent below November 2006.
House sales in the West increased 10.3 percent in November to 960,000, 25 percent below a year ago. The median price in the West was $325,800, 6.8 percent lower than last year.
In the Midwest, house sales were unchanged at an annual rate of 1.18 million, 16.9 percent below November 2006. The median price in the Midwest was $163,000, down 0.5 percent from a year ago.
House sales in the Northeast fell 3.3 percent to 870,000 in November, 19.4 percent below November 2006. The median price in the Northeast was $258,300, down 3.2 percent from a year ago.