More good news on the Real Estate front. This is an article that appeared on CRS Connect Blog, which is Certified Residential Specialist, a professional network of successful real estate agents that I am a member of.
Metro area home prices continued to climb in the first quarter of 2013, with the best year-over-year gain in more than seven years, according to the latest quarterly report by the NATIONAL ASSOCIATION OF REALTORS®. The national median price of an existing single-family home was $176,600 in the first quarter, up 11.3 percent from $158,600 in the first quarter of 2012. The median existing home price rose in 133 of the 150 metro areas surveyed, while 17 areas had price declines. Some of the previously hard-hit markets, like Phoenix, Sacramento and Miami, continue to experience a dramatic turnaround, while markets like Atlanta, Seattle and Minneapolis are beginning to show improvement.
Total existing-home sales edged up 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter from 4.90 million in the fourth quarter of 2012, and they were 9.8 percent above the 4.50 million homes sold during the first quarter of 2012. An estimated 1.93 million existing homes were available for sale at the end of the first quarter, 16.8 percent below the close of the first quarter of 2012, when 2.32 million homes were on the market. Distressed sales accounted for 23 percent of all first-quarter sales, down from 32 percent a year ago, and they generally sold at a 20-percent discount.
Regionally, existing-home sales in the Northeast rose 4.4 percent in the first quarter and were 9.1 percent above the first quarter of 2012. The median sales price of an existing home in the Northeast rose 2.9 percent to $234,000 in the first quarter.
In the Midwest, existing-home sales increased 1.2 percent in the first quarter and were 15.0 percent higher than a year ago. The median sale price of an existing home in the Midwest was $135,100, an increase of 8.2 percent from the first quarter of 2012.
In the South, existing-home sales edged up 0.7 percent in the first quarter and were 13.3 percent higher than a year ago. The median sale price of an existing home in the South was $156,800 in the first quarter, up 9.3 percent from a year earlier.
Existing-home sales in the West slipped 1.1 percent in the first quarter but were 0.6 percent higher than a year ago. The median sale price of an existing home in the West jumped 24.4 percent to $247,800 compared to the first quarter of 2012.
By Regina Ludes, Friday, 10 May 2013 - 8:00am
Total existing-home sales edged up 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter from 4.90 million in the fourth quarter of 2012, and they were 9.8 percent above the 4.50 million homes sold during the first quarter of 2012. An estimated 1.93 million existing homes were available for sale at the end of the first quarter, 16.8 percent below the close of the first quarter of 2012, when 2.32 million homes were on the market. Distressed sales accounted for 23 percent of all first-quarter sales, down from 32 percent a year ago, and they generally sold at a 20-percent discount.
Regionally, existing-home sales in the Northeast rose 4.4 percent in the first quarter and were 9.1 percent above the first quarter of 2012. The median sales price of an existing home in the Northeast rose 2.9 percent to $234,000 in the first quarter.
In the Midwest, existing-home sales increased 1.2 percent in the first quarter and were 15.0 percent higher than a year ago. The median sale price of an existing home in the Midwest was $135,100, an increase of 8.2 percent from the first quarter of 2012.
In the South, existing-home sales edged up 0.7 percent in the first quarter and were 13.3 percent higher than a year ago. The median sale price of an existing home in the South was $156,800 in the first quarter, up 9.3 percent from a year earlier.
Existing-home sales in the West slipped 1.1 percent in the first quarter but were 0.6 percent higher than a year ago. The median sale price of an existing home in the West jumped 24.4 percent to $247,800 compared to the first quarter of 2012.
By Regina Ludes, Friday, 10 May 2013 - 8:00am
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