Home sales volume rose sharply in the final three months of 2010, aided by more stable prices on a year-over-year basis, a real estate industry group said Thursday.
Sales jumped 15.4% in the fourth quarter to an annual rate of 4.8 million units compared with 4.16 million a quarter earlier, the National Association of Realtors said.
Prices of single-family homes stabilized, rising 0.2% compared with 12 months earlier. The national median for homes sold during the period was $170,600.
“Home sales clearly recovered in the latter part of 2010, and are helping to absorb the inventory, including many distressed properties,” said Lawrence Yun, chief economist of the Realtors’ group.
Sales volume was particularly strong in the West region, up nearly 20% compared with the three months ended Sept. 30.
“A good portion of the sales activity in the West has been driven by investors taking advantage of discounted foreclosures, with high levels of all-cash transactions,” said Yun.
The single-family home prices held up better than those of condos. The national median for condos fell 6.4% compared with 12 months earlier, to $164,200. In some markets, condo prices have rarely been so affordable.
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