Posted by: phillipsre | January 23, 2014

Home Sales Up in 2013

Family_SOLDLast year, 2013, was reported as the best year in existing home sales in over seven years. That’s good news for the real estate market. This article from the Puget Sound Business Journal has more details about the busy 2013 market. As reported, more than 5 million existing homes were sold in 2013, the best year since the boom times of 2006, when 6.5 million were sold. That’s according to the National Association of Realtors, which reported that single-family homes, town homes, condominiums and co-ops sold at a seasonally adjusted annual rate of 4.87 million in December, up 1 percent from November. Last year’s total of 5.09 million sales was 9.1 percent higher than 2012’s total. This may be due in fact to the increased inventory, especially with condominiums popping up all over the place (especially in Seattle), but also because of the job market increasing and mortgage rates decreasing. We will keep an eye on the 2014 market and see if it can keep up with the growth we had last year.

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