Existing-home sales near 5-year high
NAR's year-end stats show housing markets flirting with pre-bust growth
By Inman News, Tuesday, January 22, 2013.
Existing-home sales, prices and inventory saw dramatic changes in 2012 reminiscent of the housing boom, statistics
released today by the National Association of Realtors show.
At
4.65 million units, 2012 existing-home sales were up 9.2 percent from
2011, according to NAR's preliminary totals for the year. That would be
the highest volume since 2007, when 5.03 million were sold.
Bolstered
by low inventories, the national median existing-home price was up 11.5
percent from a year ago in December, to $180,800. December saw the 10th
consecutive month of year-over-year price gains, a trend not seen since
May 2006.
For 2012 as a whole, the national median existing-home
price was up 6.3 percent, to $176,600, the largest annual price gain
since prices surged by 12.4 percent in 2005.
At 1.82 million
units at the end of December, existing-home inventory now represents a
4.4-month supply, the lowest level since May 2005, near the peak of the
housing boom.
"Likely job creation and household formation will
likely fuel (market) growth," said NAR Chief Economist Lawrence Yun in a
statement. "Both sales and prices will again be higher in 2013."
Article continues below
Source: Calculated Risk blog
A
survey
by the National Association of Home Builders (NAHB) released today
showed builder confidence holding steady in January at the highest level
since April 2006.
"Conditions in the housing market look much
better now than at the beginning of 2012, and an increasing number of
housing markets are showing signs of recovery, which should bode well
for future home sales later this year," said NAHB Chairman Barry
Rutenberg in a statement.
Existing-home sales, which make up
about 90 percent of total home sales, slipped 1 percent from November to
December, to a seasonally adjusted annual rate of 4.94 million units.
Existing
homes were on the market for a median of 73 days in December -- up
from 70 days in November, but down from 99 days in December 2011. About a
third of existing homes for sale in December were on the market for
less than a month, NAR noted.
First-time buyers accounted for 30 percent of purchasers in December, unchanged from November.
Distressed
homes, with an even split between foreclosures and short sales,
accounted for 24 percent of all existing-home sales in December -- up
from 22 percent in November, but down from December 2011's 32 percent.
Foreclosures and short sales sold for 17 percent and 16 percent,
respectively, below market value.
All-cash deals accounted for
29 percent of December's sales, just 2 percentage points below last
December's portion. Investors accounted for 21 percent of existing-home
sales in October.
Existing-home sales, December 2012
| Seasonally adjusted annual rate | 4.94 million |
| % change from December 2011 | +12.8% |
| % change from November 2012 | -1.0% |
| |
|
| National median price | $180,800 |
| % change from December 2011 | +11.5% |
| |
|
| Unsold inventory (months' supply) | 4.4 |
| Share of all-cash buyers | 29% |
| Share of investor buyers | 21% |
| Share of first-time buyers | 30% |
| Share of distressed sales | 24% |
Source: National Association of Realtors
Regionally,
the Midwest led the way with a 15.5 percent year-over-year increase
to an annual pace of 1.12 million units and a median price of $144,800,
up 12.3 percent from last December.
The South saw home sales
increase 14.7 percent from a year ago in December to a yearly pace of
1.95 million units, with a median price up 4.6 percent, on an annual
basis, to $161,100.
Existing-home sales in the Northeast were up
10.3 percent in December to an annual pace of 640,000 units from
December 2011. The median sales price was up, too, to $231,600, 5.3
percent above last December's median price.
In the West, sales
were up 8.8 percent from a year ago to an annual rate of 1.23 million
units in December, and the median price jumped 17.3 percent from last
December to $239,900, the largest yearly proportional price jump of any
region.
* All content gathered from http://www.inman.com/news/2013/01/22/existing-home-sales-near-5-year-high
