The National Association of Realtors pointed out that the sale of used homes in December was slightly less than in November, but a 12.8% increase from a year ago. This put total  annual sales in 4.65 million, 9% more than in 2011 and the best year for home sales since 2007, when 5 million homes were sold just before the start of the recession.

Sales were boosted by a combination of fundamental elements in the market, such as low morgage rates, low unemployment and a rebound in home prices, all of them bringing in buyers that had been waiting for the market to hit rock bottom. The mortgage rates and years of low prices have combined to create an affordable real estate market, according to the Realtors Group.

Realtors are also predicting that the strong home sales in The Woodlands and the rest of the country will keep this way during 2013. It is expected that 5.1 million homes will be sold this year and 5.4 million in 2014.

The increases in the demand of homes in December decreased the home for sale inventory to just 1.82 millions, the lowest amount since January 2001. One factor in tightening supplies is a drop in foreclosures and other distressed home sales, which made up only 24% of home sales in December compared to 32% a year ago. The tighter supply, and the drop in distressed sales, have helped to lift home prices so that the median sales price for the year rose to $176,600, up 6.3% from 2011. That's the biggest gain in prices in since the bubble year of 2005.

The rebound in the market for previously-owned homes is also showing up in the market for new homes, where sales rebounded to their highest levels since 2009, while housing starts reached the highest level since 2008.

For more information about homes for sale in The Woodlands, please visit our web page, Woodlands New Homes and our Facebook page, Woodlands New Homes.com

Source: cnn.com