Facts About the Current State of the Housing Market

Facts About the Current State of the Housing Market

Courtesy of DSN News, “Existing-Home Sales, Prices Jump to Multiyear Highs”

• Existing-home sales rose 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009.
• The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008.
• The inventory of homes for sale rose to 2.17 million—its highest level since last September.
• The supply of homes for sale rose to 5.2 months, the highest since October.
• According to the NAR data, April home sales were up 9.7 percent over sales a year earlier, a slightly slower improvement than the 10.8 percent year-over-year gain reported for March
• Distressed homes—foreclosures and short sales—accounted for 18 percent of April sales, down from 21 percent in March and 28 percent in April 2012, the NAR said
• Eleven percent of April sales were foreclosures, and 7 percent were short sales.
• Foreclosures sold for an average discount of 16 percent below market value in April, while short sales were discounted 14 percent compared with March when foreclosures sold for an average discount of 15 percent while short sales were discounted 13 percent.

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