The numbers for August and adjusted numbers for July 2013 are in. There have been several headlines lately which appear to be indicating a shift from supply to demand which would shift the market from a seller's market to a buyer's market. A new report by Realtor.com found that as the year’s peak home-buying season comes to a close that key market indicators are showing a shift in the dynamics of the housing market. This suggests that future home value appreciations are likely to be driven by market demand, rather than inventory shortage as we have seen in the last couple of years. Continue reading for additional reports and data that support this.
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Realtor.com® Key National Market Indicators for August 2013 |
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August 2013 |
Year-over-Year % Change |
Month-over-Month % Change |
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| Number of Listings |
1,977,202 |
-2.50% |
0.93% |
| Median Age of Inventory |
92 days |
-8.00% |
8.24% |
| Median List Price |
$199,900 |
6.39% |
0.00% |
Applications for New Home Sales Decreased in August
The Mortgage Broker Association’s builder application survey data for August showed that mortgage applications for new home purchase decreased 14% in August compared with July. In addition the average loan size of new homes decreased from $288,382 in July to $284,392 in August.
August Single-Family Home Sales Pull Back
July was a strong performance for single family homes, but the California Association of Realtors reported that California’s housing market pulled back in August as mortgage rates increased. Sales in August were down 2 percent in July and down 1.9 percent when compared to August 2012.
To continue reading about additional reports, data and our personal experiences as well as the most current mortgage rates please read our Litchney Law Firm blog.
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