REAL Trends Housing Market Report – January 2013 based on December 2012 Data
The January 2013 report shows that the rate of housing sales increased dramatically on an annualized basis over a year ago. Overall, December 2012 new and existing unit sales were up 7.0 percent from a year ago. The annual rate for December of 2012 was 5.773 million up from the 5.395 million recorded in December 2011.
The average price of homes sold increased significantly rising 18.1 percent from December 2011 to December 2012.
January 10, 2013 – The REAL Trends Housing Market Report showed that the combination of new and existing home sales in December 2012 strengthened from the prior year. The annualized rate of the combination of new and existing home sales increased to 5.773 million up from the 5.395 million recorded in December 2011.
The average price of homes sold in December 2012 was up 18.1 percent from the average price of homes sold in December 2011 marking the ninth consecutive month of increased home sale prices.
Housing unit sales for December 2012 were up 12.6 percent in the Midwest, the strongest showing in the country. The next highest region was the Northeast where unit sales were up 10.7 percent, the South increased by 9.2 percent, and the West saw a decrease of -2.1 percent for the same period.
The average price of homes sold in December 2012 increased 18.1 percent across the country. The West had the best results with the average price of homes sold increasing 26.8 percent followed by the Northeast region at 19.4 percent. The South region showed an increase of 14.5 percent while the Midwest lagged with the average price of homes sold increasing by 11.0 percent.
“December 2012 sales of new and existing homes increased solidly with units sales up 7.0 percent and the average price of homes sold up a very strong 18.1 percent. With most economic fundamentals continuing to show strength and with high levels of affordability we expect housing sales will increase for the foreseeable future. Early January 2013 results indicate that ‘fiscal cliff’ debates and other negative factors are thus far having little effect on the housing market,” said Steve Murray, editor of the REAL Trends Housing Market Report.
Additionally, the recently released regulations released by the Consumer Finance Protection Bureau would seem to provide adequate flexibility and protection for all parties in the mortgage lending process as to not be a hindrance to the financing of home purchases. We expect that housing sales for 2013 will be higher in terms of both units and average pricing than was forecast even a few months ago.”
Closed Sales AVG Price Closed Sales AVG Price
+7.0% +18.1% +16.5% +11.9%
+10.7% +19.4% +15.5% +5.8%
+9.2% +14.5% +21.3% +8.7%
+12.6% +11.0% +22.2% +8.8%
-2.1% +26.8% +7.2% +24.5%