While the weather may be chilly, it appears that home prices are still heating up. Let’s look at the latest reports from NAR and FHFA about home prices…
Earlier today, NAR released their Existing Home Sales Report for December 2013. Some of the highlights:
- US existing home sales (all types of homes) for all of 2013 are at the highest point since 2006
- US existing home sales for December 2013 up 1% from November 2013 level
- US existing home sales for December 2013 down 0.6% from December 2012 level
- US existing home sales for all of 2013 increased 9.1% from 2012
- US median existing home price for all of 2013 was 11.5% higher than the 2012 median price
- US median existing home price for December 2013 was 9.9% higher than the December 2012 median price
I must point out this is talking about the entire US. But this is still great news for housing and the economy. If we can see real, serious and meaningful improvements in the unemployment numbers, 2014 could turn out to be a great year.
Something else to watch is inventory. In some areas/price ranges, buyers are fighting fierce competition with other buyers. I guess everyone is wanting to take advantage of the low mortgage rates that are available today.
We also heard from FHFA today. However, their report is for November 2013 and once again, it is for the entire US. Still it was good overall:
- 22nd consecutive month of increasing home prices
- November 2013 home prices up 7.6% from November 2012
- November 2013 home prices are roughly about the same as back in April 2005
Check out the chart from FHFA:
Overall, this is great news. Some are saying the way home prices have been increasing is slowing down. And US home prices have been increasing at an incredible pace. I think 2014 could turn out to be a great year for real estate.