Wednesday, August 22, 2012

NAR Existing Home Sales: July 2012

The National Association of Realtors existing home sales report -- with data through July 2012 -- was released August 22.
Existing-home sales are completed transactions for the month prior; new construction is excluded from review. Data includes all property types: single-family homes, townhomes, condominiums and co-ops.
The national median existing-home price for all housing types was $187,300 in July, up 9.4% from a year ago.  The last time there were five back-to-back monthly price increases from a year earlier was in January to May of 2006.  The July gain was the strongest since January 2006 when the median price rose 10.2% from a year earlier.

Single-family home sales:
  • increased 9.9% above July 2011
  • rose 2.3% in July over June
  • the median existing single-family home price was $188,100 in July, up 9.6% from a year ago

Condominium and co-op sales:
  • increased 14% above July 2011
  • rose 4.3% in July over June
  • the median existing condo/coop home price was $180,700 in July, up 7.7% from a year ago

  • Northeast - Existing-home sales are 13.7% above July 2011 and rose 7.4% on a monthly basis from June to July.  The median price in the Northeast was $254,200, up 3.5% from a year ago.

  • Midwest - Sales are 16.9% higher than July 2011 and increased 2.0% from June to July.  The median price in the Midwest was $154,100, up 5.8% from July 2011.

  • South - Sales are 8.6% above July 2011 and rose 2.3% from June to July.  The median price in the region was $162,600, up 6.6% from a year ago.

  • West - Existing-home sales in the West 5.9% higher than a year ago but unchanged on a monthly basis from June to July.  With pronounced inventory shortages, the median price in the West was $238,600, a jump of 24.5% from July 2011.
Local Perspective: DC Metro

RealEstate Business Intelligence housing data -- reporting data for July 2012 -- was released August 10.  RBI provides an excellent comparison between the national housing market and the Washington Metro Area:
  • The median sale price for the entire DC Metro Area is the highest July-level in five years.  At $385,050, the median sale price rose 4.1% from this time last year, the sixth consecutive month of year-over-year price gains.

  • In the District alone the median sales price reached $457,500 in July, topping a peak of $438,500 not seen since 2006.

  • Sales in the Washington Metro Area increased 5.1% over July 2011, the fourth consecutive year-over-year gain.

  • Active listings are at their lowest level in seven years which is also the lowest level for any month since August 2005. Low inventory continues to put upward pressure on prices, causing average days-on-market and sale-to-list ratios to tighten.

  • Low housing inventory has resulted in homes selling faster: an average of 23 days.  This is the shortest July-level median days-on-market since 2005.

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Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

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