Housing Numbers Show Happy New Year for Some States

first_img Statistical tallies for fourth-quarter home sales seem to support the idea that 2012 will represent a period of growth in some regions, and throughout the U.S., the “”National Association of Realtors””:www.realtor.org/ reported a 12.2 percent jump in November sales on a year-over-year basis. Recent data from Florida, Illinois, and Texas illustrates the positive trend, setting the stage for a happy new year in those states.[IMAGE]In Florida, analysis from the state’s “”realtor association””:www.floridarealtors.org/ displayed a year-over-year increase in existing, single-family home sales of 11 percent, as compared with figures from November 2010. The total number of Florida homes sold during the period rang in at 12,993, and while the statistics demonstrate a positive year-over-year picture, they are representative of a month-over-month decline from 13,755 homes sold in October of 2011.Median sales pricing for existing homes in the state fell in November, sinking to $130,100 off of a slightly better $130,600 during October. However, Florida’s median prices in the sector remain well below the national average of $164,200.Year-over-year, condominium sales were also on the uptick in November, with Florida showing a 2 percent increase in condo movement and a 4 percent increase in median sales pricing for the condo market. For Miami-Dade County, the pop in existing, single-family home sales year-over-year was in line with statewide numbers, and the area displayed an 11 percent rise in the sector. Median sales prices were stagnant on a year-over-year basis, with median pricing in the region steady at $171,300.Another large portion of the state, Broward County, bested data recorded around Florida, to enjoy an existing home sales gain of 22 percent year-over-year in November. Condo sales in the region, however, didn’t fare as well, showing a drop of 1 percent year-over-year. John Tuccillo, chief economist for the state’s realtor group, spoke out on the recent findings, stating that “”Florida is already in a mini-recovery.””[COLUMN_BREAK]In the midwest, Loretta Alonzo, president of the “”Illinois Association of Realtors””:www.illinoisrealtor.org/, echoed Tuccillo’s comments, noting of the real estate in her home state, “”As we move through the distressed properties, predominant in the Chicagoland market, and begin to see more positive reports on the jobs front, we will be looking for some stabilization in home prices to coincide with the rising home sales.””During November, Illinois property sales ballooned by 14.2 percent year-over-year to reach 7,954 homes sold in the state. Nevertheless, exceedingly depressed home pricing lingers on in Illinois, with median prices in the state dropping by 11.4 percent on a year-over-year basis; the average median home price in Illinois during November was $128,500.Chicago home sales statistics demonstrated growth of 20.4 percent year-over-year in November, but like the rest of the state, the city’s median pricing decreased, falling by 14.3 percent to land at $150,000. In Chicago’s metropolitan area, which includes nine counties, recorded a rise in home sales of 20.7 percent on a year-over-year basis in November.Of the Illinois counties that released their numbers, 52 percent demonstrated elevated home sales year-over-year for the period, and 41 percent of those areas experienced growth in year-over-year median home pricing, according to IAR.Moving west, Texas also claimed strong numbers in November. the state’s existing, single-family home sales were up by 9 percent year-over-year, based on data revealed by “”Texas A&M University’s Real Estate Center””:recenter.tamu.edu/. The group’s research showed that 15,000 homes sold around the state, and unlike Florida and Illinois, Texas’ median home pricing rose 1 percent for the period to reach $147,600.For Dallas and Houston, year-over-year sales were positive by 16 percent and 11 percent respectively. Additionally, Houston’s median pricing bloomed by 2 percent year-over-year for the period; however, Dallas’ median prices flagged, declining by 2 percent as of November. Pricing jumps weren’t limited to Houston, and statewide, Abilene, Arlington, Austin, Longview-Marshall, Lubbock, and McAllen also displayed improving pricing year-over year. Abilene stands out among the collection of metro areas, with a 47 percent leap in median home prices year-over-year. Multiple mortgage and housing industry sources weighed in with their predictions for 2012 during the recent “”Five Star MPact Conference””:www.thefivestar.com/mpact/about.php, and as is reflected in the data from realtor associations across the U.S., most experts _MReport_ spoke to confirmed the findings, stating that next year’s real estate market looks to be a bounce along the bottom for some regions and a period of slight growth for others. Housing Numbers Show Happy New Year for Some States December 23, 2011 428 Views in Data, Government, Origination, Secondary Market, Servicing, Technologycenter_img Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Processing Realtor Association Service Providers 2011-12-23 Abby Gregory Sharelast_img