Despite positive trends in the housing market, officials caution that the economy is still healing from the Great Recession, the Obama Administration said in the November housing scorecard.
Home prices stayed relatively still according to the S&P Case-Shiller home price index, which increased to 165.8 in December from 165.9 a month prior. Year-over-year the index is up from 145.8 in November 2012.
Existing homes sales climbed to 405,800 from 401,700 in November, just marginally down from 408,300 a year prior, the most recent data from the National Association of Realtors said.
The U.S. Census Bureau and U.S. Department of Housing and Urban Development found that new home sales slightly fell to 34,500 in December from 37,100 in November, but is barely up from 33,000 from December 2012.
Additionally, the supply of existing-homes for sale posted little change from a year ago and ticked up to a 4.6-month supply in December from 4.5-month supply last year, but significantly down from a 5.1-month supply in November, NAR found.
Although foreclosure starts are up from 52,800 in November, coming in at 52,100 in December, starts are still drastically down from 72,500 in 2012, RealtyTrac recent report revealed.
Furthermore, mortgage delinquency rates for prime borrowers remained relatively still from last month, decreasing to 3.2% in December from 3.3% in November and 4% a year ago, Black Knight Financial Services — formerly Lender Processing Services and ServiceLink — reported.
Meanwhile, more homeowners were assisted through the Home Affordable Modification Program, according to the scorecard, read here for further coverage.