What You Need to Know about the July Housing Numbers
NAR released their existing-home sales report for July, tracking completed transactions of single-family homes, townhomes, condominiums and co-ops.
The National Association of Realtors (NAR) releases a monthly existing-home sales report, tracking completed transactions of single-family homes, townhomes, condominiums and co-ops. NAR released their existing-home sales report for July earlier this morning, finding that existing-home sales increased to their highest annual pace of the year. July also marks the fourth consecutive month NAR has reported an increase in the number of existing-home sales.
Also of note was a continued decrease in the sale of distressed homes – foreclosures and short sales. In July 2013, these distressed properties accounted for 15 percent of total sales. That number dropped to nine percent in July, marking the first time the percentage of distressed property sales fell to single-digits since NAR started tracking the indicator in October 2008.
Coldwell Banker President and CEO, Budge Huskey, talked about the decrease in investor activity and the return to a more traditional housing market on CNBC’s Power Lunch television program, and he shared a similar message with The Wall Street Journal Radio Network.
One of the big takeaways is that local market trends and activity continue to be extremely important, especially looking at national housing reports like today’s from NAR. Every single market is performing differently, so here is a breakdown of the median price of homes sold in each region of the U.S. during this past July, along with a home currently on the market at or near that price:
- Northeast median sales price in July $273,600
- 54 Stonehouse Commons in South Burlington, VT
- $270,000 for a 2 bedroom, 1.5 bath home (1,878 sq. ft.)
- Midwest median sales price in July $175,200
- 1269 Nicholas Ln in North Liberty, IA
- $172,900 for a 3 bedroom, 2.5 bath home (1,661 sq. ft.)
- South median sales price in July $192,000
- 209 Beechwood Ave, Shelbyville, KY
- $193,000 for a 4 bedroom, 3 bath home (2,244 sq. ft.)
- West median sales price in July $304,100
- 1262 Parkview Dr., Elko, NV
- $305,000 for a 4 bedroom, 3 bath home (2,640 sq. ft.)