Median existing single-family home prices continue to rise according a National Association of Realtors report released August 9. Low housing inventory is forcing more buyers to compete for fewer available properties. The result is higher sales prices and shorter days on market.
NAR reports the national median existing single-family home price was $181,500 in the second quarter, up 7.3% from $169,100 in the second quarter of 2011. This is the strongest year-over-year increase since the first quarter of 2006 when the median price rose 9.4%, but even with the gain the current price is 20.1% below the record set in 2006.
To put things in local perspective, the median sales price of a single-family home in Washington Metro Area was $485,000 in July 2012. Real Estate Business Intelligence (RBI) reports the median sale price for detached homes rose 4.3% from July 2011, a $20,050 increase. Washington Area housing inventory is at it's lowest level in 7 years, exerting an upward pressure on prices.