SPRINGFIELD (October 8, 2013) Unit home sales for single-family homes increased while the median home sale price declined in the Capital Area during September 2013, according to the Capital Area Association of REALTORS (CAAR).
For the month of September 2013, the median home sale price (for all single-family homes and condominiums) was $112,300, reflecting a decrease of 2.3 percent from the September 2012 price of $115,000. The year-to-date median sale price through September of 2013 was 112,000, reflecting a decrease of 2.6 percent from the $115,000 price during same period in 2012. The median is a typical market price where half the homes sold for more, half sold for less.
“Although down when compared to last year the September 2013 median home sale price holds up well from a historical perspective. The year-to-date median price is also down when you consider that our market has experienced increases in each of the past five years, however, we don’t believe this is anything to be overly concerned about,” said REALTOR Steve Myers, president of the Capital Area Association of REALTORS.
According to CAAR, there were a total of 366 homes sold in September 2013 as compared to 319 homes sold in September 2012, reflecting an increase of 14.7 percent. Year-to-date homes sales through September of 2013 totaled 2,898, reflecting a 7.3 percent increase over the 2,700 sales during the same time in 2012.
In September the trend toward rising mortgage interest rates pushed more buyers to pull the trigger, but moving forward monthly sales may be more uncertain due to several market factors,” he said. “Tighter inventory could limit choices, higher mortgage rates would mean a reduction in affordability, and restrictive mortgage lending standards are keeping otherwise qualified buyers from making a purchase.”
The 52 foreclosure sales in September of 2013 represent 14.2 percent of all sales. This is up from the 43 foreclosure sales in August of this year and up from the 43 foreclosure sales during the prior September. Year-to-date through September 2013 there have been 459 foreclosure sales, an increase of 46 percent over the 314 sales during the same period in the prior year.
The average cumulative days on market for all home sales was 88 in September, down from the 100 days in August of this year and 110 days in September of 2012.
Total housing inventory at the end of September rose to 1,836 listings, nearly unchanged from the 1,827 listings the end of September 2012. The 1,836 listings available at the end of September 2013 represent a 6.0 month supply at the current sales pace, down from 6.1 months in August.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.49 percent in September 2013, up more than a full percentage point from the 3.47 average rate during September of 2012.
The Capital Area Association of REALTORS is the Voice for Real Estate in the Capital Area representing nearly 700 members involved in all aspects of the real estate industry. The Capital Area's Resource for Real Estate Information can be found at www.SeeHouses.com.