The housing market is finding its center again, showing signs of greater balance, according to realtor.com’s latest National Housing Trend Report. The analysis finds year-over-year trends revealing strong gains in median list prices and declines in days on the market.
The report highlights some of the following progress on four main indicators for the housing market:
- List prices: The median list price for homes in September dropped slightly but remained 6.4 percent higher than a year ago. More than 20 percent of the 146 markets that the realtor.com report covers posted year-over-year gains in listing prices of 12 percent or more.
- Home sales: Sales of single-family homes, condos, and townhomes fell 1.68 percent in September, after six consecutive months of gradual rises.
- Inventory levels: Inventories were 2.04 percent less in September than year ago levels—“signaling a greater balance between supply and demand,” realtor.com’s report notes.
- Days on market: The median age of inventory increased from 92 days to 93 days in September. However, it has fallen by 10.58 percent in the past year, which indicates that homes are selling more quickly, according to the report.
Source: “Housing Market Pushing Further Toward Healthy Equilibrium,” realtor.com (Oct. 16, 2013)