2011 was the worst home sales year on record, the Commerce Department said Thursday, though there are indicators that the market is starting to recover.
New-homes sales dropped to 307,000 in December, which economists say is less than half of the amount of homes that need to be sold in a healthy economy.
With fewer homes selling, prices have also plummeted. The median sales price for a new home dropped 2.5 percent to $210,300 in December.
Real estate reports released this week suggest that the housing market could improve in 2012, due to a combination of factors such as improved unemployment figures and low mortgage interest rates. Though a result of poor sales, lower house prices could also contribute to an improved housing market in 2012.
Freddie Mac's U.S. Economic and Housing Market Outlook survey, released Wednesday, says that sales are expected to increase from 2 to 5 percent year-over-year.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.