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Home Sales on Pace to be the Best Since 2007

          SPRINGFIELD (November 14, 2013)   Unit home sales for single-family homes increased while the median home sale price also increased in the Capital Area during September 2013, according to the Capital Area Association of REALTORS (CAAR). 

 

          For the month of October 2013, the median home sale price (for all single-family homes and condominiums) was $115,000, reflecting an increase of 12.2 percent over the October 2012 price of $102,500.   The year-to-date median sale price through October of 2013 was $113,000, reflecting a decrease of 1.7 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. 

 

          “The monthly median home sale price for October helps to illustrate how the median sale price has bounced up and down like a yo yo this entire year,” said REALTOR® Steve Myers, president of the Capital Area Association of REALTORS®.  “While the median sale price for the year is down the median sale price for October reached an all-time high for October sale prices, the fourth such monthly year-over-year record set this year. 

 

          According to CAAR, there were a total of 295 homes sold in October 2013 as compared to 283 homes sold in October 2012, reflecting an increase of 4.2 percent.   Year-to-date homes sales through October of 2013 totaled 3,194, reflecting a 7.1 percent increase over the 2,983 sales during the same time in 2012.

 

          “Home sales for year-end are on pace to finish over 3,700 measuring up to the level of sales experienced in 2009, which were artificially propped up by the first time homebuyer incentive, and could end up being the strongest year since 2007,” said Myers.

         

          The 45 foreclosure sales in October of 2013 represent 15.25 percent of all sales and is down from the 52 foreclosure sales during the prior October.  Year-to-date through October 2013 there have been 507 foreclosure sales, an increase of 38.5 percent over the 366 sales during the same period in the prior year.   “In spite of the fact that we are expecting to finish the year with our highest number of foreclosure sales on record, at somewhere above 600, we have to be pleased with the overall shape that we find ourselves in,” said Myers. 

         

          The average cumulative days on market for all home sales was 86 in October, down from the 89 days in September of this year and down from 88 days in October of  2012.

 

          Total housing inventory at the end of October rose to 1,757 listings, down from the 1,766 listings the end of October 2012.  The 1,757 listings available at the end of October 2013 represent a 5.9 month supply at the current sales pace, down from 6.0 months in September.

 

          The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.19 percent in October 2013, up from the 3.38 average rate during October of 2012. 

 

          The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 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.

          Click here for statistical reports.

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