NAR: Investors, cash deals boost January real estate sales
Plans to rebenchmark home sales data won't affect monthly trends
By Inman News, Wednesday, February 23, 2011.
Sales of existing homes edged up for a third month in a row in January as sales of distressed properties, investor purchases and all-cash deals picked up from December, the National Association of Realtors said today.
Sales of existing single-family homes, townhomes, condos and co-ops were up 2.7 percent from December, to a seasonally adjusted annual rate of 5.36 million homes, NAR said.
That’s up 5.3 percent from a year ago — the first year-over-year increase in sales since last spring, when sales were boosted by the federal homebuyer tax credit.
At $158,800, the national median price for all housing types was down 3.7 percent from a year ago, with distressed properties accounting for 37 percent of all sales. The median price of a single-family home was down 2.7 percent, to $159,400.
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