HOUSING MARKET REPORT
JUNE 2013
The REALTrends Housing Market Report showed that the
combination of new and existing home sales in May 2013
continued to show strength across all regions in both unit sales
and the average price of homes sold. The annualized rate of
the combination of new and existing home sales increased to
5.984 million in May 2013 up from the 5.273 million
recorded in May 2012.
The average price of homes sold in May 2013 was up 7.5
percent from the average price of homes sold in May 2012
marking the 14th consecutive month of increased home
sale prices.
Housing unit sales for May 2013 were up 18.1 percent
in the Midwest, the strongest showing in the country.
The next highest region was the South region at 16.8
percent, the West region was up 9.0 percent and the
Northeast was up 7.0 percent.
The average price of homes sold in May 2013 increased 7.5
percent across the country, nearly the same increase as that
recorded a month earlier. The West had the best results with
the average price of homes sold increasing 13.2 percent
followed by the South region at 8.6 percent and the Midwest
at 8.5 percent. The Northeast saw the lowest increase in
average price at 2.2 percent.
“May 2013 sales of new and existing homes continued to show
strength across all regions and are evidently shaking off the low
inventories in most markets. The two regions of the country
with the lowest average sales prices, the South and Midwest,
continue to outperform other regions in terms of unit sales
increases. The average price of homes sold was up solidly again
due to supply and demand imbalances. As this report and other
housing indicators show the scarcity of inventory and buyer
demand are creating a situation where prices are advancing at far
greater rates than had been predicted due to high levels of housing
affordability and restricted inventory,” said Steve Murray, editor of
the REALTrends Housing Market Report.
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