Median home prices tick up, inventories down nationwide
Posted on Tuesday, April 16, 2013 at 3:44:04 PM
As the national housing market exhibits considerable declines in inventory levels and sizable increases in home prices, consumers considering a property purchase may stand to greatly benefit by securing affordable residential lending.
Online residential real estate brokerage ZipRealty recently released its first Housing Trends Report, which detailed a nearly 15 percent increase in median home prices in 24 major metropolitan areas nationwide, as well as a 34 percent drop in inventory supplies. On a year-over-year basis, housing prices have reportedly increased by an average of $242,519.
However, fewer of the homes sold this year have been distressed properties, the organization noted. Of the homes sold in 2012, 35 percent were either REOs, short sales or foreclosures, while 2013's housing transactions are currently comprised of just 23 percent of distressed properties.
Officials from the National Association of Home Builders (NAHB) responded to the drastic price hikes and inventory drops, offering their votes of confidence for the coming months. Rick Judson, chairman of NAHB, said the recent increase in demand can be seen as a positive indication of the strength of the housing market's continued recovery.
"[The] report is a reflection of the solid demand that many areas are seeing," Judson said, "Single-family builders are experiencing some difficulties in keeping up with rising demand for new homes due to increasing construction costs and other factors."