Home Sales

WASHINGTON -- The rebound in the U.S. housing market accelerated in August as residential construction starts increased 2.3% and sales of existing homes rose 7.8%, according to new figures released Wednesday. The National Assn. of Realtors said sales of existing single-family homes, townhouses, condos and co-ops rose to a seasonally adjusted annual rate of 4.82 million units in August, up from an annual rate of 4.47 million in July. The rate exceeded analysts' expectations. The national median sale price was $187,400 in August, up 9.5% from a year earlier.

Home sales rose nationally in December, marking the third consecutive month that the market has shown improvement. Previously owned homes were sold at a seasonally adjusted annual rate of 4.61 million units, up 5% from November and 3.6% from December 2010, the National Assn. of Realtors said Friday. "The market for single-family homes picked up in the second half of 2011, after being stuck near the bottom for nearly three years," Patrick Newport, an economist with IHS Global Insight, wrote in a note to clients.

Sales of existing homes rose in June for the third consecutive month nationally, lifting the spirits of Wall Street and some in the housing industry. But the pace of sales is still no better than a year earlier, which had been the worst year for home sales in a decade. The National Assn. of Realtors reported the seasonally adjusted annual sales rate of existing homes in June was up 3.6% over May. However those sales were still down by 0.2% from the same month last year.

Southern California's housing market slumped in October as higher-priced home sales fell in the wake of the federal government's moves to shrink the size of mortgages it will back. The six-county region's median sales price — the point at which half the homes sold for more and half for less — dropped as sales of more expensive homes took a dive. The median price, which is heavily influenced by the mix of homes selling each month, was $270,000 in October, according to real estate market tracker DataQuick.

Home sales were up slightly in January across California, and the statewide median price fell, as investors flooded Southern California and the share of distressed home sales jumped in the Bay Area. The housing market is one of the few sectors of the economy that is still suffering. A report by San Diego research firm DataQuick indicated that housing continued to limp along last month in the Golden State. The state's median home price fell to $236,000, down 1.3% from January 2011.

Contracts to buy previously owned homes soared 5.2% in October, reaching a high set more than five years ago. And index of so-called pending sales hit 104.8 last month, the same level reached in March 2007 and an improvement from 99.6 in September. The gauge is 13.2% above its year-earlier level, according to the National Assn. of Realtors. At 100, the measure is considered healthy. Pending sales are usually seen as a forecast of finalized sales, which tend to come after a one or two month lag. Quiz: How much do you know about mortgages?

It's getting pricier to buy a home in California, with fewer properties on the market and a hike in demand this year. Sales of homes in California fell last month, even as prices continued to rise, according to real estate firm DataQuick. A big driver of the increase in the median - the point at which half the homes sold for more and half for less - is a change in the types of homes selling. The state's inventory of cheaper homes has dropped dramatically this year as investors are competing with first-time home buyers and move-up buyers are buying more expensive homes.

WASHINGTON -- New contracts signed for home sales rose 1.5% last month to the highest level in nearly three years, though limited supply is causing the market to level off, the National Assn. of Realtors said Monday. The trade group's Pending Home Sales Index rose to 105.7 in March, up from the previous month's 104.1 and exceeding analysts' expectations. Compared to a year earlier, the index was up 7% last month, marking the 23rd straight month of year-over-year increases. The last time the closely watched reading was as high was in April 2010 as people scrambled to sign contracts before the expiration of a special home-buyers tax credit.

Pending home sales declined in December as inventory tightened, but they were up compared to a year earlier, according to a national index released Monday.  The National Assn. of Realtors said its pending home sales index fell 4.3%, to 101.7, compared to the previous month, but was up 6.9% from December 2011. An index level of 100 is considered a healthy level of pending sales.  The forward-looking indicator is based on the number of purchase contracts signed for existing homes.