Good news, just in time for the Holidays! A recent national housing survey shows that existing-home sales rose again in November and remain above where they were a year ago, according to the National Association of Realtors®. The latest monthly data shows that total existing-home sales (completed transactions that include single family, townhomes, condominiums and co-ops) increased 4% to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October. This brings numbers to over 12.2% above the 3.94 million-unit pace in November 2010.
Ao what are the reasons for the higher number of listings, in Souther California and across the country? Real estate experts say that more people in Orange County and beyond are taking advantage of the buyer’s market. Looking at the numbers, we see that sales reached the highest mark in 10 months and are 34% above the cyclical low point in mid-2010 – which means that a genuine sustained sales recovery appears to be developing.
It is also possible that buyers are taking advantage of record low interest rates. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.99% in November from 4.07% in October. The interest rate was 4.30% in November 2010.
Again, lots of positive real estate news leading us into the New Year. I expect 2012 to be filled with lots of buying and selling — and great deals for my clients!
If you are interested in buying or selling a home in Orange County, California, contact Cheryl Marquis today.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. A member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.