In December the U.S. existing home sales increased by 0.7% to 6.76 million homes at an annual rate according to the report by the National Association of Realtors. In general, by the end of 2020 the resale numbers of houses across the country has become the highest since 2006 reaching a mind-blowing 5.64 million which is 5.6% higher than in 2019.
The December U.S. existing home sales were 22.2% higher than a year earlier. At the same time the median home price in the secondary market grew by 12.9% over the year to $309.8 thousand and the number of houses for sale in December dropped by 16.4% compared with November - to $1.07 million. At the current pace of sales it would take $1.9 months to sell the houses for sale -it is a record low time frame.
'Home sales were up in December, and over year 2020 we saw the highest sales figures since 2006, despite the pandemic,' said Lawrence Yun, Chief Economist at NAR.
The secondary market accounts for approximately 90% of all home purchase contracts across the United States, and they are reflected in statistics only after the transaction is completed.
Real estate has always been one of the most popular and reliable investment opportunities. Thus taking into consideration the instability of the economy and the pandemic consequences, it is one of the most reliable investment targets, Estonaco Consulting experts explained.
The secondary market is booming now and you can gain great revenue and ensure stability of day to come. Please forward your questions or fill out the contact request form on our main page.
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