Home Sales Increase For Third Straight Month
By McCoy Freeman Group // December 28, 2012
REAL ESTATE REPORT
BREVARD COUNTY, FLORIDA – The National Association of Realtors (NAR) reported today that pending home sales increased in November for the third straight month and also reached the highest level in 2 1/2 years.
“Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions” said Lawrence Yun, NAR chief economist.
On a year-over-year basis, pending home sales have risen for 19 consecutive months.
The upward momentum means existing-home sales should rise 8 to 9 percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012.
The median existing-home price is projected to rise just over 4 percent in 2013, after rising more than 7 percent in 2012.
The housing market is now showing numerous signs of improvement, including better existing home sales and home construction.
Nationally there was only a 4.7 month supply of new homes on the market for November. This is very interesting because the last time there was a tighter supply of new homes available was in October 2005, close to the height of the housing bubble.
The low supply of available homes along with low mortgage rates are causing price increases in most markets. In fact, the median price of a new home sold in November was $246,200, up 14.9% from a year earlier.
Home builders are also benefitting from higher prices and the increased demand. Builders such as Lennar, KB Homes, D.R. Horton and others seen their stock prices rise at least 50 percent over the last year.
PulteGroup, who is currently building ‘Heron Bay at Waterstone’ in Palm Bay reported their stock price tripled this year.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.