Real Estate News by the Numbers: Week of December 17 – December 23
A quick rundown of the important real estate news from the week of December 17 – December 23, by the numbers:
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1.6% – Increase in new home sales in November from the previous month. 315,000 new homes sold on an annualized basis in November.
14.3% – Revision downward in the number of home sales from 2007-2010 than what was originally reported by the National Association of Realtors. “In 2007, there were actually just 5.04 million existing home sales, 11% less than the 5.65 million originally reported. Even worse were 2008 and 2009, when there were 16% fewer sales than originally reported. Sales in 2010 were 15% lower..”
24.3% – Increase in home starts this November from the previous year. The 685,000 annualized November rate is also up 9.3% from this October.
3.91% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is down from last week’s 3.94% rate and is the lowest rate on record.
46% – Number of homes sold in November that were either REOs or short sales. The average price for a REO in move-in condition was $190,000. The average short sale sold for $209,000. Whereas, the average price of a regular sale was $259,000.
$442.5 Million – Sales price for the Hess Tower office building in Houston. The $524 price per square foot price tag is a record for the Houston office market.
15.2% – Decrease, year-over-year, in home prices in Las Vegas, Nevada. The decrease was the worst drop of any major metro in the U.S. in the last year.
9% – Increase in consumer sentiment in December from the previous month according to a Reuters/University of Michigan Survey of Consumers. The 69.9 reading is the highest since June. However, sentiment is still down from a year ago, when the index was at 74.5.
$681 Billion – Expected decrease in home values in the U.S. in 2011. The loss is still 35% less than last year when homes lost 1.1 trillion in value.