Local Housing Prices and Other Considerations
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Earlier today I wrote about the impressive 4.4 percent increase in median existing home prices (12-month moving average ending October 2012 compared to the prior 12-months) that was reported by the National Association of Realtors® (NAR). Even stronger is a forecasted 5.1 percent increase in median home prices for existing home sales by NAR’s Chief Economist, Lawrence Yun.
http://www.realtor.org/topics/existing-home-sales/data National Summary
Demand for housing, except for vacation and destination type properties, is purely local in nature and is a function of supply and demand within each community. Once again, I invoke the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different, and within those markets, submarkets are likewise diverse.
That said, supply and demand factors for real estate are local in nature. So, where are some local sources of home prices, months inventory and listing data?
For more than 150 Metropolitan Statistical Areas (MSAs) nationwide, NAR reports quarterly median price data. In the past two years, 90 of the 150 MSAs having data reported an increase in median prices. The top 40 markets with the greatest percentage change in median home prices for the four quarters ending Q3 2012 include:
Want to see other markets? You can see the latest price data for 155 MSAs at:
Once there click on the line entitled Pricing Data for either Single Family or Condos.
In addition to these data, many Multiple Listing Services (MLSs) and Realtor associations make statistics available.
For example, click the following:
Arizona Regional MLS reports http://www.armls.com/statistics/market-reports/armls-home-sales
Houston Association of Realtors http://www.har.com/mls/ click both inventory links and press releases (and I am a member at HAR)
Anchorage - http://www.nielt.com/statistics.htm
Albuquerque - http://www.gaar.com/market_statistics/monthly
New Orleans – http://www.nomar.org/
Illinois – http://www.illinoisrealtor.org/marketstats
Oklahoma City - http://www.okcrealtors.com/mls-statistics
New Mexico - http://www.nmrealtor.com/housing_trends.php
These are just a few of the many sources of housing sales data. Go to a search engine and type in the location, MLS or Realtor Association and see what comes up. Not all share residential sales statistics, but you might be surprised at the number that are available. In many markets, individual real estate brokers and agents make housing statistics available. Just type in the name of city or market and add housing sales statistics to the search request.
Several states have research groups aggregating numerous statistics and in many circumstances doing very valuable research. Some of the many include:
For Texas, the Real Estate Center at Texas A&M University is powerful research unit including home sales, months inventory, listings, building permits (permits both for MSAs in Texas and statewide for each state). http://recenter.tamu.edu/ Disclaimer: I served there as the Chief Economist until departing to Stewart in 1997.
Washington – http://wcrerdata.be.washington.edu/
Connecticut – http://www.business.uconn.edu/cms/p1175
In many markets, private companies make these data available, sometimes at a cost.
Many housing markets are improving significantly, and there are, depending on the area, some great sources of housing statistics.