Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of REALTORS (NAR).
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October. November closings were 27.0 percent below the 6.49 million-unit pace in November 2009, which was the initial deadline for the first-time homebuyer tax credit.
This has been a year of real estate contrasts: While many consumers have taken advantage of historic buying opportunities and the market has seen a gradual stabilization of sales and prices, other challenges facing the nation have led some to question the value of home ownership for families, communities, and the country.
The desire to own a home hasn't been diminished by the downturn in the industry, according to a survey by Fannie Mae.
Of owners and renters surveyed, 51 percent say that the housing crisis has not affected their overall willingness to buy a home. About 27 percent say they are more likely to buy since the crisis, presumably because of lowered prices, and 19 percent say they are more likely to rent.
In the past 12 years, the net worth of the typical home owner has ranged between 31 and 46 times that of the net worth of the typical renter.
Home owner equity is a substantial component of home owner wealth. The Federal Reserve's Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated.
The National Association of REALTORS® is extending its widely successful Facebook Causes campaign, "Operation Home Relief." The campaign was launched just last month to help military families obtain foreclosure assistance, and America responded with enthusiasm - within 20 days, NAR matched $20,000 in donations to the cause.
Home buyers today have affirmed a long-term view of home ownership, the typical seller is experiencing positive returns and the vast majority of home owners see their property as a good investment, according to the latest consumer survey of home buyers and sellers. The study was released here today at the 2010 REALTORS® Conference & Expo.
The 2010 National Association of REALTORS® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers.
The National Association of REALTORS' eighth annual Housing Opportunity Pulse Survey reveals that nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 percent below the 5.10 million-unit pace in August 2009.