Home Sales Surged in Fourth Quarter

Washington, DC, Feb. 11, 2011 -- Home sales volume rose sharply in the final quarter of 2010, according to the National Association of Realtors.

Sales jumped 15.4% in the fourth quarter to an annual rate of 4.8 million units compared with 4.16 million a quarter earlier, NAR said.

Prices of single-family homes stabilized, rising 0.2% compared with 12 months earlier. The national median for homes sold during the period was $170,600.

"Home sales clearly recovered in the latter part of 2010, and are helping to absorb the inventory, including many distressed properties," said Lawrence Yun, NAR chief economist.

The survey revealed that single-family home prices held up better than those of condos. The national median for condos fell 6.4% compared with 12 months earlier, to $164,200.