While there’s no shortage of uncertainty regarding what 2011 will bring, one thing is certain: 2010 was yet another “transition year.” Patience is running thin during this painstakingly slow recovery. According to closely watched indices, national home sales hit bottom in the first quarter of 2009 and prices followed suit shortly thereafter. As the bull gets set to wrestle the bear to the groud in 2011, let’s take a look at how we concluded 2010.
Pending Sales in the MRIS region increased 19.7 percent since December 2009 to arrive at 7,342 contracts written. Meanwhile, New Listings decreased 1.5 percent to 9,957 new homes. Total Active Listings were down 1.3 percent from year-ago levels to weigh in at 60,025.
Prices grained some groud. Median Sales Price increased 0.3 percent versus last December, checking in at $260,838. Market times increased 6.5 percent and are now at 91 days. Months Supply of Inventory increased 3.4 percent to 6.8 months.
You might have noticed that interest rates are stealthily ticking upwards. Yes, higher rates are expected in 2011 as we press toward a more durable recovery. This recovery is hinged upon continued labor market growth coupled with supply-side and demand-side housing market improvements. This wet, windowless basement of a recession has been cold and daunting, but a neon exit sign beckons from our periphery.
