Southern home sales slide in December

Home sales in the South eased as 2012 came to a close.A new report shows that the favorable Houston real estate situation bucked the regional trend in December.According to the National Association of Realtors, existing-home sales in the South dipped approximately 3 percent in the last month of 2012 to an annual level of 1.9 million units. However, similar to the rest of the country, existing-home sales in the South were well above where they were at the same time last year – nearly 9 percent higher.Lawrence Yun, NAR chief economist, indicated that buyer’s market conditions created the positive climate in December, a month that typically sees fewer sales because of the extended holiday period.”Record low mortgage interest rates clearly are helping many home buyers,” said Yun.He added, however, that home purchases may have been even higher, but high lending standards prevented this.More regulated conditions didn’t appear to have too much of an impact on Houston homes sales. Overall property purchases in December contributed to the 62,229 that sold in 2012 overall, 16 percent higher than 2011.
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