Temperatures Dropping and Home Sales Heating Up
Temperatures may be dropping, but October existing home-sales heated up
Existing-home sales continued to increase for the second straight month, according to the National Association of Realtors October Existing-Home Sales Report. Spurred by low interest rates, improving inventory levels (the amount of homes on the market) and stabilizing price growth, sales are now above year-over-year levels for the first time since last October.
Also encouraging is the decreasing number of distressed home sales, including foreclosures and short sales. Distressed home sales represented only nine percent of total existing-home sales in October 2014, down from 10 percent in September 2014 and down 14 percent in October 2013.
The median existing-home price nationally in October was $208,300, marking the 32nd consecutive month of year-over-year price gains. Home prices rose on a year-over-year basis across the country, with the Midwest experiencing the largest year-over-year increase at seven percent.
Budge Huskey, the CEO of Coldwell Banker Real Estate, put things in perspective…
“There is no doubt we are in a new housing cycle that is showing growth. While many observers like to look at price and sales under a microscopic lens by month, I prefer the year-over-year figures which continue to show strong signs. But I also believe that individual home buyers and sellers should not only focus on today’s news. It is more important to focus on local community information. Don’t be afraid to ask questions of real estate agents, even if your buying or selling decision isn’t immediate.”
The Midwest experienced the largest growth, with existing-home sales increasing five percent from September 2014. All of this comes on the heels of the Coldwell Banker Home Listing Report identifying Cleveland as the most affordable city in the US for 4 bedroom/2 bath homes!
Below is the region by region price comparison of median home prices. As we head into even colder months, check out these warm inviting listings from around the country!
Northeast median sales price: $246,900
$249,900 for a 4 bedroom, 3 bath home (3,200 sq. ft.)
Midwest median sales price: $164,100
$152,500 for a 5 bedroom, 2 bath home (1,933 sq. ft.)
South median sales price: $178,000
$174,000 for a 3 bedroom, 2 bath home (1,960 sq. ft.)
West median sales price: $296,800
$289,000 for a 3 bedroom, 2 bath home (2,095 sq. ft.)