RE/MAX of Greensboro & PartnersRE/MAX of Greensboro & Partners

Triad Real Estate: Greensboro, High Point, Kernersville, Winston Salem

RE/MAX Partners: 336.854.2400
RE/MAX of Greensboro: 336.854.0500
My Account Login | Register
  • Menu
  • Home
  • Search Homes For Sale
  • Home Valuation
  • Meet Our Agents
  • the Blog
  • Join RE/MAX
  • Contact Us

Existing Home Sales Numbers Show Value Gains Across America

Existing Home Sales Show Price Gains March 2013The National Association of REALTORS® released its Existing Home Sales report for March on Monday.

Sales dipped from February’s seasonally adjusted annual rate of 4.95 million to 4.92 million existing homes sold in March, a decrease of 0.6 percent month-to-month. 

This reading was lower than Wall Street’s consensus of 5.03 million existing homes sold, but there is also good news.

Sales of existing homes are up by 10.3 percent as compared to March 2012.

Economists note that existing home sales have performed within a narrow range of 4.90 to 4.96 million since November 2012.

This illustrates the impact of lower numbers of existing homes available for purchase in North Carolina and around the country.

The National Association of Homebuilders Housing Market Index reports builder concerns including rising materials costs, tight construction credit and lack of available developed lots for building.

Demand for Homes, Fewer Distressed Properties Driving Median Home Price Gains

The national median price for existing homes was $184,300; this is an 11.8 percent increase over March 2012. 

This was the largest year-over-year price increase since November 2005.

Low inventories of available homes for sale and fewer distressed properties on the market are supporting rising home prices.

Distressed home represented 21 percent of existing home sales in March, which was their lowest market share since data collection started in 2008.

Distressed home sales decreased from a 29 percent market share in March 2012. 

With fewer “bargain-basement” homes on the market, homeowners waiting to sell may be more willing to list their homes which could add to the numbers of existing homes available.

Regional Median Home Prices Rise

Existing home sales declined in two of four U.S. regional markets, were unchanged in one market and rose in one market.

Sales of existing homes are calculated on an annual basis.

Northeast: Sales volume for March was unchanged at 630,000 homes sold annually. The median price is $237,000. This represents a year-over-increase of 6.8 percent since March 2012.

Midwest: Sales increased by 1.8 percent to 1.16 million homes. The median price rose to $141,800, an increase of 7.8 percent year-over-year.

South: Sales volume dropped by1.5 percent to 1.95 million homes. The median home price is $161,700. This is a 10.4 percent increase as compared to March 2012.

West: Sales volume declined by 1.7 percent to 1.18 million homes. This represents an increase of 4.4 percent in existing home sales over March 2012. The median home price in the West has risen by 26.1 percent year-over-year to $258,100. This dramatic increase is attributed by high demand for homes caused by very low home inventories.

While regional median home prices rose across the board in March, regional sales volumes were varied; this suggests that if there were more homes available, there would be more buyers.

Related

Posted in: Housing Analysis Tagged: Existing Home Sales,Housing Reports,NAR

Quick Home Search

Post navigation

« 5 Important Questions To Ask Before You Invest In Solar Power For Your Home
How To Have the Best Garage Sale Ever At Your Home »

My Account Login

Recent Blog Posts

Home Buyer Guide - Winter 2021

Home Buyer Guide - Winter 2021 Are You Thinking About Buying a Home? The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering … Continue reading...

… Continue reading...

Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you … Continue reading...

If you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may … Continue reading...

Search The Blog

Search for:

News, Tips & Advice

  • Around The Home (272)
  • Baby Boomers (9)
  • Buying Myths (110)
  • Chapter 7 Bankruptcy (1)
  • Consumer Tips (1)
  • Credit Scoring (1)
  • Demographics (24)
  • Distressed Properties (24)
  • Down Payments (45)
  • Federal Reserve (29)
  • FHFA (2)
  • Financial Crisis (1)
  • Financial Reports (135)
  • First Time Home Buyers (278)
  • For Buyers (516)
  • For Sellers (412)
  • Foreclosure (1)
  • Foreclosures (29)
  • FSBOs (19)
  • Gen Z (11)
  • Generation X (5)
  • Giving Back (3)
  • Happy Thanksgiving (1)
  • Holidays (12)
  • Home Building Tips (5)
  • Home Buyer Tips (198)
  • Home Buying Tips (1)
  • Home Care (3)
  • Home Decorating (2)
  • Home Financing Tips (4)
  • Home Maintenance (1)
  • Home Mortgage (3)
  • Home Mortgage Tips (134)
  • Home Ownership (2)
  • Home Seller Tips (162)
  • Home Selling Tips (27)
  • Home Tips (1)
  • Home Values (6)
  • Homebuyer Tips (6)
  • Homeowner Tips (7)
  • Housing Analysis (184)
  • Housing Market (18)
  • Housing Market Updates (367)
  • Infographics (134)
  • Interest Rates (145)
  • Investment Properties (1)
  • Just For Fun (2)
  • Luxury Market (12)
  • Market Outlook (148)
  • Millennials (20)
  • Mortagage Tips (5)
  • Mortgage (87)
  • Mortgage Guidelines (19)
  • Mortgage Rates (150)
  • Mortgage Tips (11)
  • Move-Up Buyers (304)
  • New Construction (29)
  • News (81)
  • Personal Finance (26)
  • Pricing (210)
  • Rankings (2)
  • RE/MAX Buyer & Seller Tips (1)
  • RE/MAX of Greensboro (17)
  • Real Estate (309)
  • Real Estate 101 (10)
  • Real Estate Definitions (3)
  • Real Estate Tips (43)
  • Real Estate Trends (2)
  • Rent vs. Buy (50)
  • Selling Myths (75)
  • Selling Your Home (1)
  • Senior Market (8)
  • Short Sales (4)
  • Statistics (2)
  • Taxes (3)
  • The Economy (20)
  • Time-sensitive (15)
  • Uncategorized (13)

Home Buyer Tips

Looking For A Major Lifestyle Change? Consider Buying A ‘Micro’ Home

With the cost of a home on the rise and the concept of being sustainable becoming more popular, many people are considering moving to a smaller home to minimize their impact. It’s important, however, to consider what living small is really like before deciding that it’s the right move for you.

Around The Home

The Basic Home Security Checklist Every Home Needs

Did you realize that only around 17 percent of the homes in the United States have a security system? Leaving your residence unprotected can come back to haunt you in the future.

Home Seller Tips

Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

© 2023 · Greensboro Real Estate Inc. dba RE/MAX of Greensboro & RE/MAX Partners

Terms of Use | Privacy Policy | *Affiliated Business Notice

Each Office Independently Owned and Operated.
Greensboro Real Estate Inc Supports Equal Housing Opportunity

RE/MAX of Greensboro BBB Business Review