Share- NAR released a summary of existing home sales data showing that overall existing home sales for 2013 reached a 7 year high of 5.09 million. December showed a slight decrease of 0.6% from a year ago. Existing home sales increased by 1.0% from November 2013 to December 2013.
- The national median existing-home price for all housing types was $198,000 in December, up 9.9 percent from December 2012. Annual price for an existing home in 2013 was $197,100, up 11.5% which was the best price increase in the last 8 years.
- All regions showed growth in prices, but the West had the biggest gain at 16%. The Northeast had the smallest price again at 3.6%.
- December’s inventory figures dropped 9.3% from November, but up 1.6% from a year ago. Prices will continue to increase if there is no considerable increase in inventory. A boost in housing starts should also help to stabilize price growth.
- With sales up this month, the year concluded on a high note giving the housing market a strong year of home sales. We can still expect mortgage rates to rise as well as home prices for this new year. With the changes in mortgage rules, there is still a positive outlook for a healthy housing market for 2014. See the full NAR Existing Home Sales press release here and data tables here.
- Find a full graphical summary of the data herepdf.
Latest EHS data, as an infographic:
