Home Sales Hit 5-Year High In 2012

Home sales numbers in the U.S. for 2012 rose to their highest levels in five years according to the National Association of Realtors. Sales reached 4.65 million in 2012, which was the most since 2007. The shrinking supply of available homes is pushing prices up and driving competition; the available homes inventory dipped to the lowest level in 12 years in December. Industry analytics firm CoreLogic is forecasting that prices will rise an additional 6% in 2013. The low levels of inventory are also creating demand for new homes, which is bolstering the battered home building and construction industries; home starts in December were at their fastest pace in over four years, with 2012 being the best year for builders since the housing crisis began. For more information visit Time Magazine.