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Federal National Mortgage Association Message Board

  • utherpen34 utherpen34 Jan 26, 2013 2:52 PM Flag

    NEW HOME SALES UP 27.1% IN 2012

    In another sign of a housing market recovery, new-home sales rose in September to the highest level in more than two years, according to a government report released Wednesday.

    Sales sold at an annual rate of 389,000 homes in the month, according to the Census Bureau report, up 5.7% from the 368,000 sales pace in August. The last time sales were at this pace, in April 2010, they were being helped by a short-term home buyer's tax credit.

    How to Spot a Recovering Market

    If key local sales indicators beat the U.S. averages (as they do in the areas below), your market is probably picking up -- and prices will soon follow.

    Metro Area

    Percentage With Drop In List Price

    Days Listed On Zillow

    Sale-to-List Price Ratio

    San Jose

    16.5%

    51

    1.01

    Cheyenne, Wyo.

    21.7%

    88

    1.08

    Clarksville, Tenn.

    30.6%

    103

    0.98

    National Average

    30.7%

    113

    0.97

    NOTE: Zillow, based on June 2012 data.

    This time, the new home market has been showing steady signs of improvement. The pace of home building hit a four-year high in September, according to a separate government report. The year-over-year sales improvement in September reached 27.1%.

    Sentiment: Strong Buy

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