Home Prices Continue Upward Progress
According to the National Association of Realtors (NAR), total existing home sales have increased for 21 months in a row year-over-year. There was a 10.3% increase over March of 2012 and sales have climbed to a 4.46 seasonally adjusted rate for March.
There was also a 1.6% increase in total housing inventory by the end of March. The amount of existing homes for sale was at 1.93 million and housing supply was at a 4.7 month supply (at current sales rate). There was a 16.8% decrease in listed inventory from a year earlier when there was a 6.2 month supply.
Home prices have also shown continuing improvement with price increases for 13 consecutive months of growth year-over-year. For all housing types there was a national median existing-home price of $184,300 in March. This is an 11.8% increase from the year before. These are the highest gains we seen since November of 2005.
NAR economist Yun also had to say, “…The good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels…”
Another positive sign was an improving median time on the market for all homes. It was down to 62 days in March from 74 in February. This is 32% lower than median time on the market for March of 2012.
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