Home Prices and Pending Sales Post Double-Digit Increases in October

November 19, 2012 – (RealEstateRama) — It’s been a giant year for the housing market. As we round out the remaining two months of the year, let’s recap. Most markets shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it’s both about market fundamentals and market composition.

New Listings were down 8.2 percent to 10,376. Pending Sales increased 36.8 percent to 9,062. Inventory shrank 29.3 percent to 41,117 units. Prices turned higher as Median Sales Price was up 17.0 percent to $110,000. Days on Market decreased 8.5 percent to 97 days, the twelfth consecutive month of year-over-year declines. Months Supply of Inventory was down 36.5 percent to 5.4 months, indicating that demand increased relative to supply.
The economy is growing but at a glacial pace, and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy, and financial situations in Europe, China and elsewhere, believe it or not, have an effect on your local housing market.

Click here to read the full report for October