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Builder confidence holds steady for fourth month
Builder confidence remained the same for newly built, single-family homes for the fourth month in a row, according to the latest National Association of Home Builders (NAHB)/Well Fargo Housing Market Index numbers.
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New single-family homes sales rise 17 percent
New single-family homes sales were at a seasonally adjusted rate of 329,000 in December, based on estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. The rate rose 17.5 percent between November and December, but was 7.6 percent below the December 2009 rate.
S&P/Case-Shiller: Home prices continue to fall
Home prices continue to weaken, as eight cities hit their lowest levels since the peak in 2006 and 2007, according to the latest S&P/Case-Shiller Home Price Indices. The data showed that in November Atlanta; Charlotte, N.C.; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; and Tampa, Fla., all dropped to levels below spring 2009 lows.
Existing home sales continue upward trend in December
Existing home sales rose in December for the fifth time in the last six months, indicating a recovery as the housing market continues to stabilize. According to the National Association of Realtors, existing homes sales jumped 12.3 percent last month, reaching a seasonally adjusted rate of 5.28 million.
NAHB: Home builder confidence remains low
The National Association of Home Builders’ Housing Market Index remained steady this month at 16 for the third month in a row, indicating that home builders’ confidence is still low. Perceptions on current single-family home sales and sales expectations for the next six months remained the same as last month. Perceptions of prospective buyer traffic gained one point.
Survey: Affordability and increased living space top reasons to buy in 2010
A survey of homeowners who purchased a home last year found that their primary motivations were affordability and the desire for more living space. The survey by Weichert Realtors Inc. polled 1,261 buyers who bought a home between July 1 and Dec. 31. Twenty-eight percent said their main reason for purchasing a home was “favorable financing,” double the amount in 2008.
Vacation home sales on the rise
Despite the down housing market, vacation home sales are on the rise, the Wall Street Journal reported. Many vacation communities saw sales increases in 2010. Mercer Island, Wash., reported that sales tripled between 2009 and 2010, while Hilton Head Island, S.C., saw a 14 percent increase in sales last year. Palm Beach, Fla., also reported high sales, with a 40 percent increase in 2010, bringing the sales volume to 2007 levels.
Big money home sales take the biggest price cuts
The troubled real estate market affects homes both large and small—but when mansions need a sale price reduction, the discount can jump into the millions. Zillow.com, a real-estate listing and data website, found that some of the biggest sales in 2010 also had the biggest price cuts, the Wall Street Journal reported.