America stabilises with year-on-year sales increases continuing

The US housing market recovery is continuing at a steady pace as November became the fifth consecutive month to record year-on-year sales increases, according to RE/MAX.

The firm’s Monthly Housing Report showed that transactions were up 8.1% over November 2010 as the number of stock for sale also fell for the 17th consecutive month.

November prices were also up 1.4% month-on-month, rising to a median of $181,322. However, the figure was still 4.2% on the corresponding number a year previous ($189,353).

Chief executive of RE/MAX Margaret Kelly said: “This market is trying hard to stabilise itself with home sales significantly stronger than one year ago, even though we are entering the holiday season when sales traditionally decline.”

“With sales trending higher and inventory falling, we would expect the result to be rebounding prices when we enter the stronger selling season next spring and summer.”
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