Home sales slowly on the rise

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By Misty Williams

The Atlanta Journal-Constitution

Sales of existing homes in metro Atlanta rose slightly in December, reflecting an upward trend nationwide that may be a sign of a market recovery.

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Allan Minter, a realtor for Harry Norman, sets out baloons as he arrives to man an open house at a home for sale at Vining Estates Eastgate in Mableton on Sunday, March 20, 2011.

Curtis Compton, ccompton@ajc.com Allan Minter, a realtor for Harry Norman, sets out baloons as he arrives to man an open house at a home for sale at Vining Estates Eastgate in Mableton on Sunday, March 20, 2011.

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Across the country, sales of existing homes climbed modestly for the third straight month to an annual rate of 4.61 million last month, up 5 percent from November, according to a report from the National Association of Realtors.

“The pattern of home sales in recent months demonstrates a market in recovery,” said Lawrence Yun, the association’s chief economist. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

In metro Atlanta, sales of single-family, existing homes in December totaled 3,135, marking a 2.6 percent increase from November and 4.5 percent increase from the same period a year ago, Atlanta Board of Realtors data shows. Overall sales for the year totaled roughly 41,000, up from around 35,500 in 2010. Meanwhile, the average sale price was nearly $178,000, down roughly 12 percent from December 2010.

Nationwide, the average single-family, existing home price was $212,500 in December, according to the national association. Foreclosures and short sales -- when a property is sold for less than is owed on it -- made up 32 percent of all sales last month.

Last year saw a big increase in the number of homes sold for under $100,000, many of them foreclosures that were snapped up by investors, said local board president Mitch Kaminer, adding that there may be a slight increase in sales in 2012.

“Let’s get them sold and move on,” he said. “That’s how a healthy market starts.”