The nationwide home sales data is in from September. From last year, we are showing that total volume has increased 11.0%. Overall the sentiment regarding the housing market is positive, with NAR chief economist Lawrence Yun saying “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery” adding, “More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West.”
Along with the increase of 11.0% in sales volume, median price has increased 11.3% from September 2011. The current median existing home price is $183,900 nationwide. Each region has experienced sales growth, with the Northeast increasing by 7.3%, Midwest jumping 19.6%, South 14.2%, and the west nearly flat at 0.9% increase.
In addition to the increase nationwide in sales volume, we have seen a nationwide increase in median home price. The median home price in September compared with last year for the Northwest rose 4.1% to $238,700, 7.0% in the Midwest to $145,200, $163,600 in the South representing a rise of 13.1%, and jumped 18.4% in the West rising all the way to $246,300.
Inventory shrank 3.3% to only 2.32 million homes in September. At the current pace, that represents a 5.9 month supply of homes. Compared with September 2011, the market inventory is down nearly 20%.
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