Stick Trade Blog

Median Home Prices Up/ Existing Hom...

Posted January 25th, 2010

Existing home sales for the month of December 2009 were down 17 percent to 5.45 million annual rate according to the National Association of Realtors. On the other hand, median home prices were up. The Census Bureau released the following data for 2009. Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 653,000. This
is 10.9 percent (±2.4%) above the revised November rate of 589,000 and is 15.8 percent (±2.9%) above the December 2008 estimate of 564,000. Single-family authorizations in December were at a rate of 508,000; this is 8.3 percent (±1.2%) above the revised November figure of 469,000. Authorizations of units in building with five units or more were at a rate of 127,000 in December. An estimated 571,600 An estimated 571,600 housing units were authorized by building permits in 2009. This is 36.9 percent (±1.0%) decrease from the previous year. In summary, we are receiving mixed signals from the housing market. Buyers still appear to be relying on the new home buyer tax credit and are hesitant to jump into the market without it. Furthermore, although mortgage rates are still low, credit remains tight tight tight. So stay lean because things WILL GET BETTER, but its going to be a long gradual journey.

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