The National Association of Realtors (NAR) reported today on existing-home sales in September, here are some highlights:
1. The median sales price for existing-home sold in September was $183,900, which was an increase of 11.25% from a year ago when the median sales price was $165,300, and marked the seventh straight monthly increase in year-over-year median home prices. For the month of September, the median sales price this year was the highest since 2008.
2. September’s 11.25% year-over-year increase in median price was the largest annual gain in home prices in almost seven years, going back to a 12.9% increase in November 2005, and the seven consecutive monthly year-over-year increases in median home prices through September 2012 was the first time of a streak that long in median price increases since the seven month period ending in May 2006, more than six years ago.
3. Sales of existing homes rose in September by 11% above the same month last year, which was the 15th back-to-back monthly increase in home sales on a year-over-year basis. The last time of 15 consecutive monthly year-over-year increases in home sales was from August 2004 to November 2005.
4. The median marketing time for homes sold in September was 70 days, a decrease of 31 days in marketing time from the 101 days median marketing time for homes sold last September. For homes sold in September, almost one out of three (32%) sold in less than a month, while 19% stayed on the market for six months or more.
MP: More evidence from today’s report on existing home sales and median prices that “we’re experiencing a genuine recovery” in the U.S. housing market, as NAR economist Lawrence Yun commented in the organization’s press release. Compared to last year at this time, we can definitely say that more homes are selling faster at higher prices, which is what a housing recovery looks like.