Wednesday, September 19, 2012

NAR: August Existing-Home Sales and Prices Rise

The National Association of Realtors existing home sales report -- with data through August 2012 -- was released September 19.
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.

U.S. Home Sales

Total existing-home sales nationwide, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops are 9.3% higher than August 2011.  The national median existing-home price for all housing types was $187,400 in August, up 9.5% from a year ago.

Single-family homes:
  • sales rose 10% above August 2011
  • median existing home price was $188,700 in August, up 10.2% from a year ago

Condominiums and co-ops:

  • sales are 4.0% above the August of last year
  • median existing condo price was $176,700 in August, which is 3.3% higher than August 2011

Regional Home Sales
  • Northeast - Existing-home sales are 8.6% above August 2011. The median price in the Northeast was $245,200, up 0.6% from a year ago.

  • Midwest - Sales are 17.9% higher than August 2011 and increased 2.0% from June to July. The median price in the Midwest was $152,400, up 7.8% from August 2011.

  • South - Sales are 11.1% above August 2011. The median price in the region was $160,100, up 6.5% from a year ago.

  • West - Existing-home sales in the West increased 8.3% from July to August but are unchanged from a year ago. With ongoing inventory shortages, the median price in the West was $242,000, which is 16.3% higher than August 2011.

Local Perspective: DC Metro Area
The RealEstate Business Intelligence report -- with data through August 2012 -- was released September 10.

  • At $385,000, the median home price in the DC metro area is 8.1% higher than August 2011. This is the seventh consecutive year-over-year increase for home prices, which is being driven by strong demand and consistently low inventories.

  • There were 4,062 sales in August in the Washington DC Metro Area, a 6.4% increase from this time last year, and the fifth consecutive year-over-year gain.

  • There were 4,482 new contracts signed in August in the metro area, up 7.5% from this time last year.

  • Housing inventory is 35.8% below this time last year, the lowest August-level since 2004.

  • The low inventory of homes for sale is driving down the median days on market, which at 26 days is 11 days below August 2011. The sales-to-list price ratio has also been impacted by the low supply, and is up to 96.2% from 94.2% a year ago.

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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.

Ben Dursch

202-288-4334 |

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