Home Prices Continued To Rise During October
By Bobby Freeman, Florida Realtors® // November 19, 2012
REAL ESTATE REPORT
(VIDEO: Dominic Middono)
BREVARD COUNTY, FLORIDA – The National Association of REALTORS® (NAR) released its October 2012 existing home price sales report today.
According to the report, sales of existing homes increased in October 2012, even with some regional impact from Hurricane Sandy.
Home prices continued to rise due to lower levels of inventory supply, according to report.
There was some impact from Hurricane Sandy says Lawrence Yun, NAR chief economist.
“Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country,” he said.
“We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions.
The national median existing-home price for all housing types was $178,600 in October, which is 11.1 percent above a year ago. This marks eight consecutive monthly year-over-year increases, which last occurred from October 2005 to May 2006.
“Rising home prices have already resulted in a $760 billion growth in home equity during the past year,” Yun said. “Given that each percentage point of price appreciation translates into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year.”
Total housing inventory at the end of October fell 1.4 percent to 2.14 million existing homes available for sale, which represents a 5.4-month supply at the current sales pace, down from 5.6 months in September, and is the lowest housing supply since February of 2006 when it was 5.2 months. Listed inventory is 21.9 percent below a year ago when there was a 7.6-month supply.
The median time on market was 71 days in October, little changed from 70 days in September, but down 26.0 percent from 96 days in October 2011. Thirty-two percent of homes sold in October were on the market for less than a month, while 20 percent were on the market for six months or longer.
We are currently working on a detailed market report for Florida and Brevard County. Please check back soon for more good news.
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ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
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