Existing homes sales closed out 2016 as the best year in a decade. Existing homes include, single family, townhomes, condos, and co-ops. Lawrence Yun, NAR chief economist, says the housing market’s best year since the Great Recession ended on a healthy but somewhat softer note “Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” he said. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.” 32 percent of these sales came from first-time home buyers. Click here to read the entire article.
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