the urbanophile

Encouraging statistics from the latest National Housing Report

More good news on the housing market! David Siroty over at the Coldwell Banker Blue Matter Blog has a great post about the latest National Housing Report from December 2013. Here are some of the pieces of good news from that report:

  • There were 5.09 million homes (not including new ones) sold in the U.S. last year. (This was 9% higher than 2012 and the strongest since 2006.)
  • The median price of these homes was $197,100, an 11.5% increase over 2012.
  • The sales of distressed properties (foreclosures and short sales) have dropped substantially to 14% in December. (Compared to 24% in December 2012.)
  • The homes that are on the market are selling quickly. The median time on market for all homes was 72 days in December with 28% selling in less than a month.

Siroty points out that inventory is still a little low (4.6 months as opposed to the ideal 6 months), but that’s good news for sellers, who are likely to encounter more motivated buyers who have slightly fewer options and therefore reduced leveraged power.

So what do you think? Is it time for you to make a change? We would love to sit down and chat with you about your buying or selling options. Contact us!

*Photo courtesy of Flickr user the.urbanophile