Home Sales Rose in 2012 to 5-Year High

Home resales fell in December to an annual rate of 4.94 million, down from a revised 4.99 million in November, according to the National Association of Realtors. Sales declined in part due to a limited supply of available housing, as the inventory of homes on the market contracted to 1.82 million last month — the lowest level in 12 years. For all of 2012, home sales rose to 4.65 million, a 9.2 percent gain from 2011 and the most since 2007. Sales of expensive properties are rising faster, with NAR reporting that activity involving homes priced at $1 million or more spiked 62 percent last year. Home sales are improving steadily and should continue to do so this year, according to most economists. | Read More