Existing home sales for all of 2013 increased 9.1 percent from 2012. At 5.09 million sales, the market is the strongest it has been since 2006.
NAR chief economist, Lawrence Yun, credits our healthy recovery of the last two years to job growth, record low mortgage interest rates, and a 'pent up demand.' Existing homes sales has risen almost 20 percent since 2011.
The national median existing-home price increased 11.5 percent from 2012 putting us at $197,100. This is our strongest gain since 2005.
30-year fixed-rate mortgage rose to 4.46 percent in December.
NAR President, Steve Brown, expects sales to hold this year despite higher mortgage rates, increased lending restrictions, and limited inventory. The expectation for job improvement this year should balance out the challenges we will face.
All in all, we are looking at another good year for housing recovery.