Sale Prices Continue to Rise

   

    

Total current home sales increased 0.8 percent to an adjusted annual rate of 4.98 million in February from a revised 4.94 million in January, and are 10.2 percent over the 4.52 million-unit level in February 2012. February sales are at the highest level since the tax credit period of November 2009.

Total housing inventory toward the end of February rose 9.6 percent to 1.94 million current homes available for sale, up from 4.3 months in January, which was the lowest since May 2005. Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply.

Single-family home sales dropped 0.2 percent to an adjusted annual rate of 4.36 million in February from 4.37 million in January, but increased 8.7 percent above the 4.01 million-unit pace in February 2012. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago.

Existing condominium and co-op sales rose 8.8 percent to an annualized rate of 620,000 in February from 570,000 in January, and are 21.6 percent above the 510,000-a year ago. The median existing condo price was $172,500 in February, up 13.9 percent from February 2012.

Spring Home Buying Starts Early!

     Realtor.com has recently released its data on the U.S. Housing Market for February 2013. The National Housing Data (provided below) indicates that current listing inventories increased 1.15 percent, where the median list prices were slightly higher, increasing by $189,900.00. These numbers show that home buyers are getting an early start on the spring season despite the fact inventories recently hit record lows. Lets take a look:

Per Realtor.com the National Data concluded:

• In February, the total number of single-family homes, condos, townhomes and eve co-ops for sale in the U.S. (estimated 1,492,218) increased by 1.15 percent month-over-month. On an annual basis, however, inventory was down by 15.97 percent.
• The national Median list price for single-family homes, condos, townhomes and co-ops (estimated $189,900) increased by 1.01 percent year-over-year and 1.55 percent month-over-month in February. 
• The median age of inventory for sale listing fell to 98 days in February, down 9.26 percent from January and 11.71 percent below the median age one year ago. (February 2012).

Per Realtor.com the Local Data shows:

• Nearly all of the markets with the largest year-over-year declines in their for sale inventories in February were in California, where declines averaged 48 percent. This list includes: Riverside County, Sacramento, Stockton, Oakland, and San Jose, just to name a few. These markets also experienced a dramatic decline in the median age of inventory, falling to an average of 31 days, or 53 percent lower than one year ago. 
• However, on an annual basis, February median list prices were up by 5 percent or more in 51 markets while they were down by more than 5 percent in 11 markets. These markets experiencing a year-over-year list price decline in February (being 39) is significantly below the number of declines observed in January (being 50).

      According to Barbara Caley, broker and part owner of LCL Realty & Property Management "We are entering the the busiest time of the year for home buyers and sellers. Within the last 45 days our listing prices have increased with a significant influx of offers. As the market progresses, you can expect to see the inventory to increase along with higher listing prices as sellers become more satisfied with the market conditions."