"Perceptions are that the housing market has stabilized and people are feeling a little more certain about getting into the market," Gregory Klump, CREA’s chief economist, said Friday after the association reported better than expected sales figures for 2010.
"The hand-off to 2011 for sales activity in the fourth quarter suggests that the continuation of low interest rates will further support the housing market,” he said.
Interest rates that have hovered at historical lows longer than predicted, together with improved consumer confidence, helped stabilize the market in the fourth quarter as sales rose 12.1 per cent over third-quarter levels, Klump said.
In December, seasonally adjusted sales edged down 0.6 per cent from November, ending a four-month string of gains. Actual sales were down 14.4 per cent compared with the record-setting sales of December 2009, but were slightly better than the 10-year average for the month.
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