April Existing Homes Sales Up 9.7 Percent From April 2012 — Prices Up 11 Percent April 2013 vs. April 2012

Housing continues to ascend in both numbers and values in April 2013 as reported by the National Association of Realtors®.

  • Existing home sales jumped 9.7 percent from April 2012 to April 2013, now at a seasonally-adjusted annualized rate (SAAR) of 4.97 million
  • The number of home sales has increased on a year-over-year comparison for 22 consecutive months
  • The 12-month moving average of the SAAR sales numbers (4.81 million homes sales) is now at the highest level since January 2008
  • Median home price of $192,800 is up 11 percent from April 2012
  • Sequentially from March 2013, median home price increased 4.8 percent (but this is a number subject to revision)
  • The 12-month moving average of median home prices is up 9.5 percent year-over-year and is at the highest level since May 2009
  • On a year-over-year comparison, median home price has risen for 14 consecutive months
  • 32 percent of transactions were all cash with no loan involved compared to 35 percent in April 2012
  • 19 percent of existing homes purchases were made by investors versus 20 percent in April 2012
  • Foreclosures represented 11 percent of total sales in April 2013 with an average discounted price when compared to non-distressed sales of 16 percent
  • Short sales made up just 7 percent of all transactions with a corresponding typical discount of 14 percent
  • Short sales were on the market an average 73 days compared to 43 days for foreclosures and 44 days for non-distressed properties

The next two following graphs are based on the 12-month moving averages of number of sales and median prices and thus remove the noise that occurs naturally in markets from month to month and makes trends more discernible. It also buffers somewhat the percentage impact from future revisions and updates.

5-24-13 graph1

5-24-13 graph2

To read the entire NAR press release along with data tables, click here.

The housing recovery is real and now sustained for more than a year.

Since housing has led the U.S. economy out of every recession since 1950, this also bodes well for an improving economy.

Ted

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