US Home Values Still Up, Supply Still Low
As the trend continues, US home values are still up as the demand for existing US housing is still higher than supply.
Recent US figures are showing that home sales have actually decreased for the second month in a row, but have increased from year ago figures. This puts home values at 12.8% greater than the previous year and at an 11-month double digit increase, year over year. National average home prices in the US (of all types) stands at $199,500.
As a leveling in the market is expected to occur, these current numbers represent the 28th straight month that sales have stayed above figures for the previous year. 36% of homes on the market during this period (in October) sold under 30 days, while 28% of sales were to first time buyers.
Single family home sales were 5.2% above 2012 but 4.1% below the previous month, while condo sales were up 12.5% from 2012, and 3.3% above the month prior. The West saw a drop in sales by 7.1% monthly and 0.8% yearly, while the yearly median price rose 17.2% to $284,800. The Northeast saw increases by 11.7% yearly, but dropped 2.9% from the previous month.
Median values rose 7.4% to $247,300, from last year. Midwest sales are 8% higher than 2012 but 1.6% below the previous month with median values at $154,700 (9.3% above 2012). And, in the South, home sales were up 7.3% from 2012 but down 1.9% from the month prior, with median values coming in at $171,500 – up 12.9% from 2012.
What do you think of these US home values? Are you seeing corresponding trends in your specific marketplace?
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Photo courtesy of Ken_Lord’s Flickr