National Association of Realtors Existing Home Sales Report

22 03 2013

NAR Report March 21, 2013

Sales are up.

Sales are up.

Well, yet another positive report on home sales came in today from NAR.

Summary
1. Sales up each month for the past 20 months nationally; and this month too by 0.8%.
 2. Sales are up 10.2% nationally from February 2012.
3. Inventory at 4.7 months up by 9.6% from February 2012    (January 2013 was 4.2 months)
a. Down 19.2% from February 2012
4. Median Days on the Market was 74 days (24% lower than February 2012)
5. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago.

In the West
1. Sales rose 2.6 percent are 1.7 percent above a year ago.
2. Median sale price rose to $237,700, which is 22.7 percent above February 2012.

The charts below give an interesting take on the regions where some areas of note are the increase of sales by 40.5% of homes over $1M. The decrease of sales in homes in $100K is most likely due to the appreciation we have seen in the past year.  As you can see, the West is in the best shape for pricing so far as percentage and just below the NE overall.

Regional Sales by Price Existing Single Family Homes  February 2013

% Change in Sales from 1 Year Ago
Region      $0-100K   $100-250K    $250-500K  $500-750K     $750K-1M       $1M+
Northeast 0.4%         -0.7%                 5.4%             10.5%               4.7%                 4.1%
Midwest   -0.2%        14.0%                33.2%           32.0%              11.7%                26.3%
South        -9.8%        13.8%                24.5%           25.2%               52.0%              23.9%
West          -50.0%     -5.0%                17.5%            29.4%              26.9%              40.5%
U.S.           -12.8%      6.8%                 18.7%            23.1%               27.6%               27.4%

Sales Distribution
Region $0-100K      $100-250K       $250-500K       $500-750K      $750-1M    $1M+
U.S.       24.1%           44.4%                 22.8%                5.5%                   1.5%            1.7%

Sales Price of Existing Homes
Median Average (Mean)      U.S.           Northeast    Midwest   South         West
2013 Jan r                               170,600    226,200      130,500     147,600     238,600
2013 Feb p                              173,600    238,800      129,000     150,500     237,700
vs. last year:                            11.6%        7.6%             7.7%           9.3%           22.7%

Moving Forward

Moving Forward

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