The 2013 housing market ended on both a positive and a negative;
while existing-home sales rose slightly from November to December by 1.0
percent, they were still 0.6 percent lower than at the same time last year. The
housing market might have suffered from a lack of inventory, but not enough to
hamper 2013's impressive sales growth. Despite December's downturn, home sales
in 2013 were the strongest in seven years. The entire year saw a pace of 5.09
million sales, a figure that is 9.1 percent higher than 2012. This is the
strongest the market has performed since 2006, when a housing boom brought a
robust 6.48 million sales to the market.
Buyers, Eager Buyers
Since 2011, home sales have increased by nearly 20 percent. As expected,
record-low mortgage interest rates have driven more buyers into the housing
market, but so too has job growth. With unemployment rates dropping in many
sectors across the country, more people now qualify for those low mortgage
rates. Also, the recent upturn in the housing market seems to have convinced
many buyers to purchase now rather than later. Home prices are not expected to
drop; buyers who do not sign their contracts now risk paying higher prices. Prices
The year 2013 saw the strongest increase in home prices since 2005. The
national median existing-home price for 2013 was $197,100, a staggering 11.5
percent climb from last year's median of $176,800. These rising home prices,
along with an increase in mortgage interest rates, should put downward pressure
on home sales. The improving job market, however, should keep sales from
falling too drastically. But unless the problems of limited inventory and
restrictive mortgage credit are solved, 2014's sales figures might not be as
strong as 2013's. Region
In the Northeast, existing-home sales dropped 1.5 percent but are still 3.2
percent higher than December 2012. The year-over-year increase in sales
continued in the South; with a rise in sales of 3.0 percent from November to
December, the South closed out 2013 with a sales pace 4.6 percent higher than a
year earlier. In the Midwest, not only did sales fall 4.3 percent, but
December's 1.11 million pace was 0.9 percent lower than at the same time last
year. And inventory woes continued in the West; while sales rose 4.8 percent in
the last month of the year, the housing shortage resulted in a drop of 10.7
percent from December 2012 to December 2013. Multiple bidding in the West did,
however, drive home prices up; the median price reached $285,000, up 16.0
percent from December 2012.
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.