Tuesday, November 22, 2011 / by Nathan Clark
According to the National Association of Realtors, sales rose to an annual rate of 4.97 million homes, from a 4.90 million figure in September. According to a CNNMoney.com article, the number was higher than expected, as some economists predicted a decrease from September. The figure is up 13.5 percent from the 2010 total of 4.38 million.
The rise in sales dropped the number of unsold homes on the market by 2.2 percent, according to the report. The country now has about an eight-month supply of inventory, down from an 8.3-month inventory in September. Also, the number of foreclosures and short sales dropped to a 28-percent share of all sales, down from a 30-percent mark the month before.
The median sales price of $162,500 was down from last year by 4.7 percent, meaning that there are still attractive deals on unsold homes in many markets.