Oe/max Na­tional Hous­ing oe­port shows strong fin­ish for O01O

North Penn Life - - Real Estate -

2012 was the long hope­d­for turn­around year for the hous­ing mar­ket. The Re/Max Na­tional Hous­ing Report shows a broad re­cov­ery across the coun­try, with both home sales and prices ris­ing al­most ev­ery month of the year.

For De­cem­ber, the num­ber of home sales was up 3.8 per­cent and the me­dian price rose 7.6 per­cent. Through­out the year, a fa­vor­able com­bi­na­tion of record low in­ter­est rates, af­ford­able prices and a shrink­ing in­ven­tory cre­ated op­por­tu­ni­ties many con­sumers could not re­sist.

The in­ven­tory of homes for sale fell each month, end­ing the year at a level 29.1 per­cent be­low the in­ven­tory of De­cem­ber 2011. A re­duced in­ven­tory helped home prices rLVH, EuW DOVR PDGH LW GLI­fiFuOW IRr PDny EuyHrV WR finG WKH home of their dreams. The New vear should see the same trends con­tinue.

“:H FDn finDOOy VDy WKDW WKH worst of the hous­ing cri­sis is now be­hind us, as 2012 saw dra­matic in­creases in both sales and prices, with home buy­ers and sellers coming back to the mar­ket in num­bers we’ve been an­tic­i­pat­ing for years,” said Mar­garet helly, CEO of Re/Max LLC. “The mar­ket started 2012 with a great surge, and we’re hop­ing that 2013 will be even stronger. We’re not com­pletely out of the woods, but we’re well on the way to a solid and sus­tain­able re­cov­ery.” Trans­ac­tions–Year-Over-Year

De­cem­ber home sales fol­lowed a tra­di­tional hol­i­day pat­tern, drop­ping lower than the Novem­ber rate, this year by 4.9 per­cent. How­ever, sales were markedly bet­ter than De­cem­ber 2011 by 3.8 per­cent. It was the 18th month in a row with sales higher than the same month in the pre­vi­ous year. Of the 52 metro ar­eas sur­veyed in the De­cem­ber Re/ Max Na­tional Hous­ing Report, 34 re­ported higher sales than De­cem­ber 2011. Six­teen re­ported dou­ble digit gains over last De­cem­ber in­clud­ing: Raleigh-Durham, N.C. +31.3 per­cent, Al­bu­querque, N.M. +29.6 per­cent, Prov­i­dence, R.I. +24.5 per­cent, Chicago, Ill. +21.1 per­cent, Hart­ford, Conn. +19.9 per­cent and Char­lotte, N.C. +16.7 per­cent. Me­dian Sales Price The De­cem­ber Me­dian Price for all homes sold in the sur­vey’s 52 metro ar­eas was $166,250 — 1.8 per­cent higher than the Me­dian Price in Novem­ber, and 7.6 per­cent higher than the price in De­cem­ber 2011. De­cem­ber was the 11th con­sec­u­tive month with higher prices than the same time last year. De­cem­ber prices bucked the hol­i­day trend and rose both on a monthly and an­nual ba­sis. Of all 52 metro ar­eas in the De­cem­ber sur­vey, a strong show­ing of 48 ex­pe­ri­enced year-over-year price in­creases. Of those, 21 saw dou­ble digit in­creases in­clud­ing: San Fran­cisco, Calif. +34.6 per­cent, Detroit, Mich. +32.8 per­cent, Phoenix, Ariz. +31.4 per­cent, Boise, Idaho +29.1 per­cent, Mi­ami, Fla. +27.4 per­cent and Las segas, Nev. +26.2 per­cent. Days on Mar­ket – Av­er­age

of 53 Metro Ar­eas The av­er­age Days on Mar­ket for homes sold in the month of De­cem­ber was 84, just two days more than av­er­age of 82 in Novem­ber, but a sub­stan­tial 12 days lower than the 98 days av­er­age in De­cem­ber 2011. The av­er­age Days on Mar­ket for the 12 months of 2012 was 89. De­cem­ber rep­re­sents the sev­enth time in the past 12 months that a Days on Mar­ket av­er­age was be­low 90. The lower Days on Mar­ket av­er­age is a di­rect re­sult of a greatly re­duced in­ven­tory. Days on Mar­ket is the num­ber of days EHWwHHn wKHn D KRPH LV firVW listed in an MLS and when a sales con­tract is signed. Months Sup­ply of fn­ven­tory – Av­er­age of 54 Metro Ar­eas

The to­tal num­ber of homes for sale in De­cem­ber dropped 11.8 per­cent from Novem­ber and 29.1 per­cent from the num­ber on the mar­ket in De­cem­ber 2011. Mon­thto-month in­ven­to­ries have now fallen for 30 con­sec­u­tive months. Although ris­ing prices may be the re­sult of a shrink­ing in­ven­tory, a low LnYHnWRry DOVR FDuVHV GLI­fiFuOties for many po­ten­tial buy­ers. Given the De­cem­ber rate of home sales, the av­er­age Months Sup­ply was 5.7, nearly iden­ti­cal to the 5.6 sup­ply Ln 1RYHPEHr, EuW VLgnL­fiFDnWly lower than the 7.8 month sup­ply in De­cem­ber last year. sery low Months Sup­ply lev- els con­tinue to be seen in cities like: San Fran­cisco, Calif. 1.1, Los An­ge­les, Calif. 1.8, Den­ver, Colo. 3.0, Or­lando, Fla. 3.0, San Diego, Calif. 3.0, Seat­tle, Wash. 3.1, Las segas, Nev. 3.1, Min­neapo­lis, Minn. 3.4, and Detroit, Mich. 3.5. De­scrip­tion The Re/Max Na­tional Hous­ing Report is dis­trib­uted each month on or about the 15th. The report is based on MLS data in ap­prox­i­mately 52 met­ro­pol­i­tan ar­eas, in­cludes all res­i­den­tial prop­erty types, and is not an­nu­al­ized. For max­i­mum rep­re­sen­ta­tion, many of the largest metro ar­eas in the coun­try are rep­re­sented, and an at­tempt is made to in­clude at least one metro from each state. Metro area GHfinLWLRnV LnFOuGH WKH VSHFL­fiF FRunWLHV HVWDEOLVKHG Ey WKH 8.6. GRYHrnPHnW’V 2IfiFH of Man­age­ment and Bud­get, with some ex­cep­tions.

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