Existing Home Sales rise less than market expectations
Existing home sales across United States remained lower than analyst estimates. Against the median forecast of 5.07 million, the home sales during December remained at 5.04 million. Compared to previous year, the existing home sales were stronger by 2.4 percent.
For the first time since 2010, the existing home sales declined by 3.1 percent during 2014. For first-time homebuyers, the recent decline in mortgage rates could improve the sentiment. Market analysts are expecting 2015 to be a strong year for real estate sector.
Lawrence Yun, chief economist at the National Association of Realtors said, "Home sales improved over the summer once inventory increased, prices moderated and economic growth accelerated. Sales were measurably better in the second half - up 8 percent compared to the first six months of the year."
As the employment figures have offered strength to consumer sentiment, the National Association of Realtors expects the demand to remain strong. The median existing home price improved by six percent in December 2014 compared to December 2013.
First-time buyers were lower at 29 percent in December compared to 31 percent in November. Nearly 26 percent of the transactions were all-cash transactions. Foreclosures, distressed sales and short sales accounted for 11 percent of the total sales during December.
In 2014, the new home starts present an encouraging figure. Builders started 1.01 million new homes in 2014, marking the strongest year since 2007.
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