In past postings, we have discussed the positive economic news from the residential new construction market. Today, we would like to share some interesting facts from The National Association of Realtors’ (NAR) September Existing Home Sales Report.
-
The national median existing home price was $183,900 in September, up 11.3 percent from a year ago.
-
Foreclosures and short sales accounted for 24 percent of September sales, down from 30 percent in September 2011.
-
Housing inventory at the end of September fell 3.3 percent which represents a 5.9 month supply at the current sales pace, down 20 percent from a year ago when there was an 8.1 month supply. The market has officially changed to a seller’s market again.
-
The median time on the market was 70 days in September, down 30.7 percent from 101 days in September 2011.
-
First time home buyers still account for 32 percent of the market.
-
In the South, existing home sales increased 0.5 percent to an annual level of 1.93 million in September and are 14.2 percent above September 2011. The median sales price was $163,300, up 13.1 percent from September 2011.
We agree with Lawrence Yun, NAR chief economist, who stated, “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery. More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales.” For more information about homeownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. View all the details of our current listings here. For more information about commercial real estate operations or investment visit EpiCity.com.
Photo Credit & Source: The KCM Blog