More folks buy previously owned homes

Published 10:35 pm Wednesday, December 22, 2010

More people bought previously owned homes in November, the third increase in four months after the worst summer in a decade.

Buyers bought homes at a seasonally adjusted annual rate of 4.68 million, the National Association of Realtors said Wednesday. Even with the rise, this year is shaping up to be the worst for home sales since 1997.

The median price of a home sold in November was $170,600.

The housing market is still struggling to recover from a boom-bust cycle which helped trigger a severe recession. Home prices have tumbled in most markets and some worry that prices could fall further.

Some people can’t sell their homes to upgrade to a larger home, either because they have lost equity or they can’t find a prospective buyer.

The Realtors are forecasting that sales for 2010 will be 4.8 million — the lowest pace in 13 years.

Associated Press