Last month the number of sales of formerly occupied homes rose. However, the NAR overstated around 3 million sales for the period of and following the Great Recession, indicating that the housing market is more fragile than previously thought.

Over two years have passed since recession officially ended, and many people still can’t succeed in obtaining loans or meet elevated down-payment requirements. Those that do qualify often hold off, out of fear that the housing market will continue to plummet. A decline in first time buyers has rendered the market in a critical state.

In November, the median sales price rose 2.1 percent to $164,200. The lofty rate of foreclosures has made resold homes more affordable than new homes. The norm price of a new home is generally 30 percent higher than the price of one that’s been occupied before twice the normal increase.

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