Happy Autumnal Equinox! What You Need to Know about the August Housing Numbers
To close out the summer of 2014, the National Association of Realtors (NAR) released its August existing-home sales report.
As the summery temperatures begin to subside and the smell of pumpkin spice takes over, today marks the first official day of autumn. To close out the summer of 2014, the National Association of Realtors (NAR) released its August existing-home sales report. After four consecutive months of gains, existing-home sales lost momentum due to a decline in all-cash sales from investors. The median existing-home price in August was $219,800, 4.8 percent above August 2013, marking the 30th consecutive month of year-over-year price gains.
On the bright side, this provides an opportunity for first-time homebuyers who have a better chance at purchasing a home with bidding wars declining and inventory constraints easing throughout the U.S. The percent of first-time buyers remained unchanged from July at 29 percent. First-time buyers have represented less than 30 percent of all buyers in 16 of the past 17 months.
As job growth continues, NAR predicts that steady purchasing power will help Americans’ demand for buying homes.
Take a look at a breakdown of the median price of homes sold in each region of the country during this past August. And as we start cozying up to the crisp fall air, check out the below home listings currently on the market, perfect for spotting foliage and celebrating the start of autumn.
Northeast median sales price: $265,800
o $265,000 for a 3 bedroom, 2.5 bath home (2,003 sq. ft.)
Midwest median sales price: $173,800
o $174,000 for a 3 bedroom, 1.5 bath home (1,600 sq. ft.)
South median sales price: $186,700
o $187,000 for a 3 bedroom, 2 bath home (1,947 sq. ft.)
West median sales price: $301,900
o $301,000 for a 4 bedroom, 2 bath home (2,194 sq. ft.)