The upward trend of prices continues as well. The median price, at $183,900, is up a strong 11.3 percent from year-ago levels. Part of that increase stems from the mix of houses being sold today. We’re seeing fewer distressed sales as a percentage of the market, and prices are reflecting that more favorable mix. But Yun said on Friday that the increase is also reflective of genuine price appreciation. Indices that look at price changes of the same assets over time, like Case-Shiller and the Federal Housing Finance Agency price index, are showing similar price increases. So, the gains aren’t just from a change in the mix of homes being sold; they’re also from asset appreciation, Yun said.
Two other notable data points from Friday’s release:
1. Inventory is dropping, so you can expect upward price pressure to continue. The supply of homes available for sale is now at 5.9 months, the first time in a number of years the number has dropped below 6 months. Total inventory stands at 2.32 million units.
2. Time on market has dropped to a median 70 days, with roughly a third of all sales closing in 30 days or so. At this time last year, the median time on market was more than 100 days, so the trend is positive.
Author:Dorothy Lee Phone: 615-973-6363 Dated: January 1st 2013 Views: 477 About Dorothy: Dorothy Lee’s 18+ years extensive knowledge and experience in Real Estate provides her a unique v...
View our latest blog posts in your RSS reader. Click here to access.
At Exit Realty of the South, we are committed to providing you with up-to-date information, comprehensive resources and the highest possible level of customer service in order to meet or exceed your real estate goals and objectives. Guided by honesty and integrity as a professional standard throughout the company, we are devoted to your total satisfaction as the benchmark of our success. The recipe for our success is an extensive support team that is second-to-none and passionate real estate professionals who invest numerous hours of continuing education to remain on top of their field.
Above and beyond having the desire, knowledge and ability to manage a real estate transaction, we employ innovative tools and systems that allow us to be most effective and efficient in serving you. From our computers to web-based real estate software and many other innovative techniques, we are driven to stay at the leading edge of technology to better serve you.
Our mission is to provide the highest quality Realtor services. At Exit Realty of the South we strive to provide the most knowledgeable and savvy real estate agents in the market. Whether you are buying or selling, an Exit Realty of the South sales representative has the skills to serve you above the rest.
Part of the job of a REALTOR® is keeping up with what is happeni
"Dorothy was personable, professional, and wonderful to work with. She had great ideas on how to sell my home. Dorothy used her many years of experience to help me set my price, negotiate counter offers and close the deal. She actually had two offers within 4 days of it being on the market a and ultimately had my house sold and closed within 25 days. "