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Median home prices rising

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The biggest real estate news is that the national median home sales prices are up 11.1 percent from last year.

The National Association of Realtors also reported the following national statistics:

• NAR’s median sales price has increased 11.1 percent nationally.

• Lowest housing supply since February 2006 (a few months before the peak).  Listing inventory is 21.9 percent below 2011 levels.

• Housing starts up 42 percent from one year ago.

• 24 percent of sales are distressed sales compared to 28 percent same time in 2011 (made up of 12 percent Foreclosures and 12 percent Short-sales).

• Foreclosures were discounted 20 percent while short-sales were discounted 14 percent.

• First-time homebuyers are 31 percent of all purchases compared to 34 percent in 2011.

• Cash buyers are 29 percent of all purchases, same as 2011.

• Investors are 20 percent of all purchases versus 18 percent in 2011.

• The national average interest rate for a 30-year, fixed-rate mortgage is a record low 3.38 percent

Rutherford County also continues to do well when comparing 2012 to 2011 and previous years.  

While I was running this month’s numbers, I was curious to see how 2012 compared to the peak year of 2006.

We still have some catching up to do, but we are gaining ground towards the peak volumes of 2006.

November 2006  vs.  November 2012

November 2006 saw 454 closings versus 308 closings in 2012, which is a 32 percent decrease, but we were down 61 percent in November 2010.

Inventories were 2,237 in 2006, compared to 1,660 in 2012, which is a 26 percent decrease.  

Average home prices were $175,213 compared to $168,129, which is only 4 percent lower.

So when we look back at where we were at the peak, where we have been the last couple years, and where we are heading, I would have to say we can be very optimistic for real estate’s future.

With it being December, I’m sure everyone is getting excited about all the hustle and bustle the season brings.

Please remember to keep the true meaning of Christmas: our Savior's birth.  

You can find the story of the birth of Jesus in Luke 2.  I hope all of you have a safe and blessed Christmas.

Thanks for allowing me to share The Red Report with you.  

For a full version of a four county Red Report with more detailed numbers, visit www.RedRealty.com.
Read more from:
Economy, Finance, Housing, Real Estate, Rutherford County, Tennessee, Voices
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