Median home prices
are showing strong year-over-year growth. Annual prices reached the highest
rate in the past eight years in November, when the national median
existing-home price climbed to $196,300. The median time for a home to stay on
the market in November was 56 days―a slight drop from October's median of 54
days but a significant improvement over November 2012's median time of 70 days.
Not in Distress Anymore
One major factor in the rising prices is the lack of distressed homes on the
market. Foreclosures and short sales made up 14 percent of all November sales.
This is down from 22 percent at the same time last year. The number of
first-time buyers making the leap into the housing market remained relatively
unchanged; this group accounted for 28 percent of all purchases in both October
and November 2013, only a slight drop from 30 percent at the same time last
year. National Sales Decline
Existing-home sales dropped by 4.3 percent in November. Sales are down 1.2
percent from the same time last year, marking the first time in 29 months that
sales fell below year-ago levels. In the Northeast, existing-home sales
declined 3.0 percent, but this was still 6.6 percent above November 2012's
sales pace. The Midwest saw sales drop 4.1 percent, a figure unchanged from a
year earlier. Sales also declined in the South by 2.4 percent but still managed
to beat November 2012's sales figures by 1.0 percent. But no region in the
country was hit as hard as the West; sales dropped 8.5 percent, which is 10.1
percent lower than the same time last year. A lack of housing inventory,
particularly in the West, is constricting sales; so too are higher mortgage
interest rates. More Construction
Builders are seeing potential in the housing inventory shortage. Builder
confidence rose four points in December to 58 on the National Association of
Home Builders/Wells Fargo Housing Market Index. Builders saw promise in all of
the index components, as all three posted an increase; the current sales
environment, future sales expectations, and traffic of potential buyers all
gained on the index, climbing six points, two points, and three points,
respectively. This December's index reading is 11 points higher than at the
same time last year; what's more, the index has remained above 50 for the past
seven months. Meanwhile, despite a drop of 3.1 percent, the number of overall
building permits issued in November remained above the million mark―a good sign
for future building activity. Click HERE to checkout new homes in Allen!
If you would like to discuss local area home prices and how they affect you, give me a call or text me.
Author:Stephanie Gonzalez Phone: 214-454-4646 Dated: February 2nd 2014 Views: 1,317 About Stephanie: About Halo
We understand that for many people, buying or selling a home is probably the largest i...
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