Housing Numbers Galore! But What Do They Mean?

Monthly housing reports always trigger headlines. And today’s National Association of Realtors Existing-Home Sales Report for November is no exception. Here are three nuggets of information that might get lost in the media coverage:

Guest post from Dianne Falaguerra with our partner agency CooperKatz

Monthly housing reports always trigger headlines.  And today’s National Association of Realtors Existing-Home Sales Report for November is no exception.  Here are three nuggets of information that might get lost in the media coverage:

  1. Median existing home prices are going up: The November national median existing-home price for all housing types is $196,300.  This is $15,700 more than this time last year, and $32,100 more than November, 2011.
  2. Homes are selling fast: The median time on the market for all homes was 56 days in November, which is approximately 8 weeks. Last year at this time, the average time on the market was 70 days, approximately 10 weeks.
  3. And faster!: Maybe the most important stat was buried in the seventh paragraph.  Get this, 35% of all homes sold within 30 days.  Wow!

There is clearly demand for homes, but that demand is not being met by supply, since we also learned that inventory, the amount of homes available for sale, is at a 5.1 month supply.  While that might sound like a lot, it is a full month below a traditional balanced market of 6 months.  Therefore, in most locations around the U.S., supply is not meeting demand and therefore sellers are in the driver’s seat equating to higher prices.

One other interesting thing I find fascinating in each NAR report is the use of the term “median.”  Quick!  Are you smarter than a 5th grader?  What’s the difference between median and average home price?

Median is the exact middle point of all homes sold while the average is the cumulative sales number, divided by the number of sales recorded.

But what does a median home look like?  I thought it would be fun to see and found five Coldwell Banker listings from around the nation that matched the nation’s current median price of $196,000:

What part of today’s report interested you the most?

 

Image courtesy of Flickr user morebyless

Husband. Father. Socializer. Mets Lifer. TV Aficionado. Consumer Engager.

David Marine is the Chief Marketing Officer at Coldwell Banker, where he oversees the brand’s marketing efforts and content strategy including acting as managing editor for the Coldwell Banker blog and heading up video production efforts. While CMO by day, David runs a three ring circus at night as he is the father of 4 boys. He also happens to be married to Wonder Woman. True story.

Subscribe to Blue Matter and get the latest updates

3 Comments

  1. Housing Numbers Galore! But What Do They Mean? | Susan Lerner's Real Estate Blog
    December 20, 2013

    […] post Housing Numbers Galore! But What Do They Mean? appeared first on Coldwell Banker Blue […]

    Reply
  2. Housing Numbers Galore! But What Do They Mean? | Donna Dagley's Blog
    December 20, 2013

    […] post Housing Numbers Galore! But What Do They Mean? appeared first on Coldwell Banker Blue […]

    Reply
  3. Housing Numbers Galore! But What Do They Mean? | Earl Forbes Blog
    December 20, 2013

    […] post Housing Numbers Galore! But What Do They Mean? appeared first on Coldwell Banker Blue […]

    Reply

Leave a Reply

Share on Facebook Share on Twiiter Share on Pinterest Share on LinkedIn Share on WhatsApp Share on Telegram Share on Email