Existing Home Sales and Median Prices
Chart of the Week for September 2, 2016 - September 8, 2016
The National Association of Realtors ("NAR") reports several housing statistics on a monthly basis, including existing home sales and the median price paid in those sales. Economists consider housing data to be an important measure of overall economic health. The chart above shows the number of sales per month and the median price recorded for July 2015 through July 2016.
Median sales prices have strengthened recently, rising 5.3% in one year, but rising 16.7% from the low of February 2016 to the high of June 2016. The number of sales has been volatile, falling by -1.6% year-over-year, but increasing 5.3% from the low in November 2015 to the high in June 2016. The large drop in sales in November 2015 was considered an anomaly due to new regulations, which may have delayed the closing of sale transactions. Some economists believe that the lack of listings, rather than a lack of demand, has been a constraint on the number of sales, and this may be contributing to higher median sale prices. Total existing home inventory is below its year-ago levels and has not increased significantly since 2014.
Posted by: sarah_oz@yahoo.com
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