RE/MAX National Housing Report – December 2013

Posted on December 30, 2013 ยท Posted in Housing Reports

Home Sales Slip, Prices Remain Strong

After 28 months of year-over-year increases in home sales, November saw a 7.8% drop. The housing market appears to be making expected seasonal adjustments, as the recovery is simultaneously impacted by a combination of factors – rising interest rates, the government shutdown, mortgage qualification difficulties, severe weather and seasonality. Mostly due to a still tight supply of homes for sale, the November median home price of $187,000 rose 13.7% over the price in November 2012. With the current rate of home sales, the number of months necessary to sell the entire inventory, or the Months Supply, inched higher to 5.4 months, very close to the 6.0 supply that defines a market balanced equally between buyers and sellers. The national inventory situation continues to move in the right direction. The current 12.9% drop in inventory from November 2012 is less than half the annual inventory loss seen in April of this year.

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