A quick rundown of the important real estate news from the week of January 14 – January 20, by the numbers:
5% – Increase in existing home sales in December. The annual rate of 4.61 million unit sales is an 11 month high.
1.7% – Increase in existing home sales in 2011. ‘“The pattern of home sales in recent months demonstrates a market in recovery,”’ according to Lawrence Yum, chief economist at the National Association of Realtors.
2.38 Million – Number of unsold homes on the market in December, the lowest number in nearly 7 years. That represents a 6.2 month supply, and is the lowest supply since April 2006. A 6 month supply is considered ideal.
$4.8 Million – Purchase price of Aerosmith’s Steven Tyler’s new home in Maui. The Hawaii home has 3,000 square feet and is located on a quarter-acres.
33% – Amount of home sales in December that were either foreclosures or short sales. Foreclosures accounted for 21% of the total and 12% were short sales. On average, foreclosures sold at a 22% discount and short sales sold at a 13% discount compared to a non-distressed sales in December.
4.1% – Decrease in home starts in December compared to November. On a seasonally adjusted annual rate, 657,000 units were constructed in December.
$35 Million – Listing price for Joe Montana’s Napa Valley estate. The 9,700 square foot home sits on 35 acres and is for sale at a significant discount from the original $49 million price tag.
3.88% – Average rate on a 30 year fixed mortgage this week according to Freddie Mac. The rate is an all time record low, falling slightly below last week’s record rate of 3.89%.
$750 Million – Price tag for a new residential development in Long Island City, New York. The project, when completed will have over 1,700 units.