Falling Home Prices Boost Home Sales Across the Country

According to a report by the Associated Press…Home sales rose in 56 markets across the United States in December, according to a monthly housing report released Monday February 2nd.  The highlights of the report that follows gave no substance to the so called Ghost Inventory, of foreclosed homes, that is hiding in the wings and in direct conflict with any notion that there is a signal that we are at the start of the end, as noted below.

According to the Associated Press…The December average of home sales were up 9.73% in December from the previous month, and up 11.36% from the same period a year ago according to the Associated Press.

The increase in sales is largely the result of higher sales in California, where sales were up 75.55% in the Los Angeles metro area and up 44.42% in San Diego on an annual basis. Other noteworthy increases were seen in Las Vegas (up 82.3%), Phoenix (up 69.24%) and Miami (up 68.78%).

The report also reveals that inventories are beginning to diminish, a trend some analysts say signals the start of the end of the housing slump. The average number of homes for sale on the market was down 7.69% from November and down 3.93% from a year ago.
 

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