Health & Fitness
Existing Housing Prices Hit a Multi-Year High
If you have been looking to sell your home, the market is finally making a shift toward being beneficial for sellers. In April 2013, home sales rose to the highest it has been since November 2009
In April 2013, home sales rose 0.6% to an annual sales rate of $4.97 million, the highest it has been since November 2009. This fell short of economists expected 1.6% increase, which would have totaled $5 million. The current median price of a single-family home has increased $8,900 from the previous year, making the sale price $192,800, the highest since August 2008. The inventory of homes for sale have increased up to $2.17 million, and the supply of homes stay on the market for an average of 5.2 months, both which are an increase from 2012.
The concern that realtors have had is that the low supply of homes in the area have reduced the number of transactions. The inventory for the median price of homes, which has increased in the last five out of 6 months, has been consistent with the increase in number of month’s supply of homes for sale.
The monthly NAR reports, which tracks the closings of homes, has continued to increase despite the drop in the Pending Home sale Index over the last few months. As reported by the National Association of Home Builders, The increase in the number of closings has been consistent with the improved confidence of builders. Even with today’s limited market supply and buyer’s right access to credit, a market recovery is still occurring. Low mortgage rates have helped to lift the housing markets, and economists believe that house prices will continue to climb.
Find out what's happening in Lutzwith free, real-time updates from Patch.
The beginning of May was the first time all year that there was an increase in the Housing Market Index. This resulted in an increase in buyer traffic, or more people shopping for homes. Year-over-year gain in April sales had increased 9.7% since 2012, and monthly sales since November had increased from $4,467,000 to $4,943,000. Distressed homes, short-sales and foreclosures made up 18% of sales in April 2013, a decrease in the 21% of sales from March 2013. The smaller discounts of foreclosures and short-sales in the last month suggest that the housing market may be firming.
The median times that homes remained on the market were 46 days in April, in comparison to the 62 day median in March. 40% of these homes were on the market for less than a month, and only 8% stayed on the market for a year or more. The amount of first time buyers make up approximately 29% of today’s market, and cash sales have increased up to 32%. Consumer spending has been getting its support from the firming housing prices, as well as the steady increase in today’s employment.What this means for you is that if you have been looking to sell your home, the market is finally making a shift toward being beneficial for sellers.
Find out what's happening in Lutzwith free, real-time updates from Patch.
Team 54 Realty is comprised of Joe and Rose LoCicero who specialize in helping homeowners facing foreclosure. Rose and Joe mostly deal with the Northern Tampa Bay area, including Lutz, Land O Lakes, Wesley Chapel, and Tampa Palms. Team 54 also specializes in providing current market data for the North Tampa Communities
