Existing-Home Prices Up Again
According to the National Association of Realtors® (NAR), the national median existing-home price for all housing types, which includes single-family homes, townhomes, condos and co-ops, was $213,500 in July, reflecting a 13.7 percent increase over July 2012. “This marks 17 consecutive months of year-over-year price increases, which last occurred from January 2005 to May 2006,” states the NAR.
The median price has now shown double-digit gains for the past eight months, “and is now 7.3 percent below the all-time record of $230,400 in July 2006. Two years ago, the median price was 25.7 percent below the peak.”
NAR data shows that the national median existing single-family home price was $214,000 in July, up 13.5 percent from the same period a year ago, while the median existing condo price was $209,600 in July, which is 15.5 percent higher than July 2012.
Regionally, the median price in the Northeast was $271,200, up 6.7 percent from a year ago. In the Midwest the median price was $168,300, which is 9.5 percent above July 2012. In the South median prices were up $183,400, rising 13.6 percent from a year ago, while the median price in the West was $287,500, which is 19.2 percent above a year ago. Price gains were driven by strong sales gains.
NAR data reveals that single-family home sales rose 6.3 percent to a seasonally adjusted annual rate of 4.76 million in July up from 4.48 million in June. This figure is 16.4 percent higher than the 4.09 million-unit level in July of 2012. Existing condominium and co-op sales increased 8.6 percent to an annual rate of 630,000 units in July from 580,000 in June, and are 23.5 percent above the 510,000-unit level one year ago.
Existing-home sales in the Northeast surged 12.7 percent to an annual rate of 710,000 in July and are 20.3 percent above July 2012. In the Midwest existing-home sales increased 5.8 percent in July to a seasonally adjusted annual pace of 1.28 million, this is 20.8 percent higher than a year ago.
In the South, existing-home sales increased 5.0 percent to an annual level of 2.11 million in July and are 16.6 percent above July 2012, while in the West rose 6.6 percent to a pace of 1.29 million in July and are 13.2 percent higher than a year ago.