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House sales in US increase by 5%

26th January 2012 | back to article listings BACK    print this article PRINT

The USA property market is showing further signs of recovery, with new figures revealing house sales increased by 5% in December.

The National Association of Realtors said that "record low mortgage interest rates, job growth and bargain home prices" are helping to drive the increase in activity.

The 5% increase seen in December last year was the third month in a row that sales have risen, the NAR said. Over the whole of last year, the number of transactions was up 1.7% on 2010.

NAR chief economist Lawrence Yun said: "The pattern of home sales in recent months demonstrates a market in recovery. Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market."

He predicted prices would rise this year in many parts of th US due to a shortage of housing, as hopes grow that the US economy is continuing to strengthen.

Copyright Press Association 2012

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