Corona Del Mar and Newport Coast Real Estate

It's a Merry Christmas for many people Buying Real Estate this year... Sales Activity is up again for November, prices remain low, interest rates are as low as can be and all the First Time Buyers get a nice rebate.... Merry Christmas!! Existing home sales are still on the rise and inventories are back down to more normal levels. Here are the numbers:

Existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply at the current sales pace, down from an 7.0-month supply in October. Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006, when it was at a 6.1-month supply.

Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.

Times like this don't come around very often... if you have been eyeing the market for a Real Estate purchase... you need to act now!! Let me know what area you are interested in, and some details about the home you would like to Buy... and I'll find it for you... there are still great deals in Corona Del Mar and Newport Coast to be had... but who knows for how much longer. If inventory starts to get bought up, prices will start to rise...

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