Two reports on home sales, existing home sales and new home sales reports have been issued last week. While existing home sales report was a bit depressing, new home sales report brought some optimism.
Existing home sales report, issued by National Association of Realtors shows that the sales dropped by 1.2 percent compared to October to 4.97 million units from October’s 5.03 million units, which is 20 percent lower than in last year’s September.
The prices fell as well, as the national median price dropped by 5.1 percent from $219,000 to $208,000.
In contrary, new home sales report, issued by the Census Bureau and the U.S. Department of Housing and Urban Development, shows that in November, there was an increase by 1.7 percent compared to October from 716,000 to 728,000 units.
While it is not considered a rebound, it contains some positive notes. Sale numbers almost in all regions rose and inventory of new homes decrease for the past month across the board. Average prices rose from $290,000 to $306,000.