Home Sales Up 10% in 2012
In 2012, sales of single-family homes reach the highest level since 2008.
The final housing numbers are in for 2012, and they confirm the strengthening recovery momentum in the nation’s housing market.
Overall sales of single-family homes were up an estimated 9.8 percent between 2011 and 2012, and the median sales price of homes sold rose almost 7 percent.
The U.S. Commerce Department reports sales of new single-family homes totaled 367,000 in 2012, which is 19.9 percent better than in 2011. The median price of new homes sold during 2012 was $243,600, while the average sales price was estimated at $288,400. These represent gains of 7.2 percent and 7.7 percent, respectively, over 2011’s median and average sales prices for new homes sold.
Separately, the National Association of Realtors estimates a total of 4,127,000 previously-owned single-family homes were sold over the course of 2012, an increase of 9 percent from the 3,787,000 existing homes that changed owners during 2011. The median price of an existing single-family home sold in the U.S. last year was $176,900, an increase of 6.4 percent from 2011. The average price was up 5.2 percent over the year to a level of $225,500.
Housing market forecasters expect the recovery to gather additional momentum over the next two years. The current consensus forecast looks for sales gains averaging 18.4 percent for new single-family homes and 7.8 percent for already existing homes during 2013, and for overall single-family home sales nationwide to expand by at least another 8 percent during 2014.
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