- Last week, NAR released a summary of existing home sales data, showing that July’s existing home sales continued to improve with the highest sales pace of the year. July marks the fourth consecutive month of increased sales. Sales improved by 2.4% from last month but declined 4.3% from a year ago.
- The national median existing-home price for all housing types was $222,900 in July, up 4.9% percent from July 2013.
- All regions showed growth in prices – the Northeast had the lowest gain at 2.4% from last year. The West continues to maintain the biggest price gain (up 6.3% from a year ago).
- July’s inventory figures increased by 5.8% from a year ago and it will take 5.5 months to move the current level of inventory. It takes approximately 48 days for a home to go from listing to a contract in the current housing market.
- Distressed sales have hit a low point, representing a lesser portion of the homes being sold. All cash buyers are representing 20% of the home purchasing population. Price appreciation is decelerating, loans are performing well and mortgage rates are still low so there are some key positives for housing recovery.
Reprinted from NAR’s Economists’ Outlook, August 2014, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright August 2014. All rights reserved.