Housing rebound continues with strong sales and price gains

  @CNNMoney February 21, 2013: 10:34 AM ET
existing home sales 022113
NEW YORK (CNNMoney)

The housing rebound continued in January: The pace of home sales stayed strong and prices gained the most since the boom days.

The National Association of Realtors reported that previously-owned homes sold at an annual pace of 4.92 million homes, 9% higher than this time last year.

Home prices were up 12.3%, taking the median to $173,600. That marked the biggest percentage gain since January 2005.

The price rise is being driven by tight inventories, increased demand from buyers, and a drop in sales of distressed homes, such as those in foreclosure.

Related: Playing the housing rebound

There were 1.74 million previously-owned homes on the market , equal to only about a four-month supply at current sales levels. It's the tightest inventory of homes on the market since 1999.

And distressed home sales made up only 23% of January sales, compared to 35% of sales a year ago.

House voyeurs return! Zillow, Trulia surge

The housing market has been helped by a number of factors in recent months, including near record low mortgage rates and a drop in the nation's unemployment rate.

Home construction has also been improving -- builders filed for the greatest number of building permits in more than four years in January.

Even if you're not trying to sell your home, the improvement is good news: It is an important driver of overall economic growth. To top of page



Join the Conversation
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.32%4.26%
15 yr fixed3.36%3.27%
5/1 ARM3.37%3.27%
30 yr refi4.31%4.24%
15 yr refi3.34%3.25%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.