Despite the traditional winter slow down, both home prices and sales inched higher in December. RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, found the December median home price of $185,400 was 11.9% higher than the median in December 2012. After double-digit growth in home sales during the summer, sales cooled off, but December still saw a 0.7% year-over-year increase. Slower sales growth is associated with a limited inventory of homes for sale coupled with increased lending requirements and mortgage fees. At the rate of home sales in December, the Months Supply of inventory rose to 5.9 months, nearly equal to the 6.0 supply that defines a market balanced equally between buyers and sellers. Although the national inventory situation remains tight, it appears to be trending in the right direction. With a 12.0% drop in inventory from December 2012, the percentage of year-over-year inventory loss has shrunk for nine consecutive months.
“It’s great that improving market fundamentals continued through the normally slower winter months, and we ended the year on a strong positive note.”
Margaret Kelly, RE/MAX CEO
Median Sales Price
TOP CITIES REPORTINGDOUBLE DIGIT INCREASES
Detroit, MI +41.9%
Las Vegas, NV +25.9%
Atlanta, GA +22.3%
Orlando, FL +20.6%
Los Angeles, CA +19.7%
San Francisco, CA +19.6%
For all homes sold in December, the Median Price was
$185,400. This price represents a 0.9% decrease from
November, but an 11.9% rise from December 2012.
The Median Price of a home has been greater than in
the same month of the previous year for 23
consecutive months. Home price increases
throughout 2013 have been attributed to the limited
inventory supply and high buyer demand. Of the 52
metro areas surveyed in December, 45 reported
higher sales prices than one year ago. Of those, 17
metro areas reported double-digit increases.
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