Cleaning & Restoration Breaking News

Record year for home sales?

The National Association of Realtors says the market for existing single-family home sales rose in November, which in turn set the stage for a possible record year.

WASHINGTON -- The National Association of Realtors ( reports that the market for existing single-family home sales rose in November, which in turn set the stage for a possible record year.

Existing-home sales increased 0.6 percent to a seasonally adjusted annual rate of 5.21 million units in November from an upwardly revised pace of 5.18 million units in October. December's sales activity was 1.7 percent below the 5.30-million unit pace in November 2000.

NAR chief economist Dr. David Lereah said this is a positive development. He said, "Existing-home sales have been consistently stronger than expected this year, and we're so close to setting a new record that we really won't know until the December data is available. What's more, we're looking for another strong performance in 200."

Despite the recession, which began in March, all the major factors necessary for a strong housing market -- low interest rates, strong household formation and relatively low unemployment -- are continuing. According to Lereah, this in turn creates "favorable market conditions."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.66 percent in November, up slightly from a record-low 6.62 percent in October; it was 7.75 percent in November 2000. Freddie Mac began tracking commitment rates in 1971.

Housing inventory levels at the end of November rose 6.7 percent from October to a total of 2.08 million existing homes available for sale, which represents a 4.8-month supply at the current sales pace; there were 1.95 million homes available at the end of October, which was a 4.5-month supply. The November inventory level is 11.8 percent higher than November 2000, when 1.86 million homes were on the market, representing a 4.2-month supply.

The national median existing-home price was $147,300 in November, up 5.6 percent from November 2000 when the median price was $139,500. The median is the midpoint, which is a typical market price where half of the homes sold for more and half sold for less.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view