Tuesday, October 29, 2013 / by Carlos J Higareda
Home sales and prices in September were lower than August, but remained significantly higher than September last year. This makes September the 20th consecutive month for year-over-year increases in both sales and prices. September home sales were up 10.7% and the Median Price of $185,000 was 12.2% above the price in September 2012. The RE/MAX Housing Report, a survey of MLS transaction data in 52 metropolitan areas, also found that inventory continues to decline at a slower rate. Current inventories are now 13.4% lower than this time last year. With the current rate of sales, the number of months required to sell the entire inventory of homes on the market moved up to 5.0. This is closer to the 6-month supply recognized as a balanced market with an equal number of buyers and sellers.
"It’s normal for the housing market to slow down a bit after the peak summer season, but it’s really encouraging to see that both sales and prices remain significantly higher than this time last year. The strong performance we saw this summer and throughout 2013 confirms we’ve passed the early stages of a housing recovery and are now moving toward a sustainable marketplace."
Margaret Kelly, CEO of RE/MAX, LLC.
Oct. 17, 2013 SEPTEMBER 2013 HOUSING DATA Volume 62