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December Existing-Home Sales Rise, 2013 Strongest in Seven Years

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The median time on market for all homes was 72 days in December, up sharply from 56 days in November, but slightly below the 73 days on market in December 2012. Adverse weather reportedly delayed closings in many areas. Twenty-eight percent of homes sold in December were on the market for less than a month, down from 35 percent in November, which appears to be a weather impact.

Short sales were on the market for a median of 122 days in December, while foreclosures typically sold in 67 days and non-distressed homes took 70 days.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.46 percent in December from 4.26 percent in November; the rate was 3.35 percent in December 2012.

NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, said that with jobs expected to improve this year, sales should hold even despite rising home prices and higher mortgage interest rates. “The only factors holding us back from a stronger recovery are the ongoing issues of restrictive mortgage credit and constrained inventory,” he said. “With strict new mortgage rules in place, we will be monitoring the lending environment to ensure that financially qualified buyers can access the credit they need to purchase a home.”

First-time buyers accounted for 27 percent of purchases in December, down from 28 percent in November and 30 percent in December 2012.

All-cash sales comprised 32 percent of transactions in December, unchanged from November; they were 29 percent in December 2012. Individual investors, who account for many cash sales, purchased 21 percent of homes in December, up from 19 percent in November, but are unchanged from December 2012.

Single-family home sales rose 1.9 percent to a seasonally adjusted annual rate of 4.30 million in December from 4.22 million in November, but are 0.7 percent below the 4.33 million-unit pace in December 2012. The median existing single-family home price was $197,900 in December, up 9.8 percent from a year ago.

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