US existing home sales rise

The latest figures to be released by the National Association of Realtors (NAR) show that sales of existing properties in the US climbed during November, compared to October.

According to the NAR, transactions were up by four per cent month-on-month, which also equates to a 12.2 per cent increase over the same period in 2010.

Lawrence Yun, NAR chief economist, commented: "Sales reached the highest mark in ten months and are 34 per cent above the cyclical low point in mid-2010 - a genuine, sustained sales recovery appears to be developing."

He added the improvement in the US residential real estate sector indicates that a growing number of buyers are recognising the "great opportunity" that currently exists in the market.

However, the December Zillow Home Price Expectations Survey indicates many working in the US property industry do not believe that housing values are set to rise in the coming year.

Those questioned have predicted that the price of buying a home will fall by 0.18 per cent in 2012, before registering a modest increase of 1.75 per cent in 2013.

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