Median Home Price Increase Best Since 2005

Washington, DC, Aug. 9, 2013 -- Median home prices continued to rise in the majority of metropolitan areas in the second quarter, with the national year-over-year price showing the strongest gain in seven-and-a-half years, according to the latest quarterly report by the National Association of Realtors.

Despite rising prices and higher mortgage interest rates, a companion breakout of income requirements to buy a median-priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area, NAR said.

The median existing single-family home price increased in 87% of measured markets, with 142 out of 163 metropolitan statistical areas showing gains based on closings in the second quarter compared with the second quarter of 2012.  Fifty areas, 31%, had double-digit gains; one was unchanged and 20 had price declines.

Lawrence Yun, NAR chief economist, said tight inventory is continuing to drive home prices.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” he said.

 “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country.  Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas, Naples, San Francisco and Los Angeles.”

The national median existing single-family home price was $203,500 in the second quarter, up 12.2% from $181,300 in the second quarter of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it surged 13.6%.  In the first quarter the median price rose 11.3% from a year earlier.

At the end of the second quarter there were 2.19 million existing homes available for sale, which is 7.6% below the close of the second quarter of 2012, when 2.37 million homes were on the market.  The average supply during the quarter was 5.1 months, compared with 6.4 months in the second quarter of 2012.



Other Archived Articles

Job Openings Edge Down in September   Full Article
Washington, DC, Nov. 13, 2014 -- There were 4.7 million job openings on the last business day of September, according to the Labor Department.

NWFA Approves Vermeister Finish Products   Full Article
St. Louis, MO, Nov. 13, 2014 -- The National Wood Flooring Association said that Vermeister S.p.A. has been approved for the NWFA Accepted Product Seal and NWFA Accepted Eco Product Seal designations.

Dixie Discontinuing Carousel Custom Line   Full Article
Chattanooga, TN, Nov. 13, 2014 -- The Dixie Group said it will discontinue its Carousel custom manufacturing line.

CRI Outlines 2015 Initiatives at Annual Meeting   Full Article
Dalton, GA, Nov. 13, 2014 -- The Carpet and Rug Institute (CRI) held its annual meeting in Dalton, Ga. yesterday.

Initial Jobless Claims Remain Below 300K   Full Article
Washington, DC, Nov. 13, 2014 -- Initial jobless claims increased by 12,000 to 290,000 in the week ended Nov. 8, according to the Labor Department.

Resilient Institute Adds Seven New Members   Full Article
LaGrange, GA, Nov. 13, 2014 -- The Resilient Floor Covering Institute has expanded membership, adding four manufacturers and three suppliers to its roster.

Distributor Fishman Rolls Out Private Label Flooring   Full Article
Baltimore, MD, Nov. 13, 2014 -- Distributor Fishman Flooring Solutions said it is entering the private label flooring business.

Foreclosure Filings Spike in September   Full Article
Irvine, CA, Nov. 13, 2014 -- Foreclosure filings were reported on 123,109 properties in October, according to tracking firm RealtyTrac.

Wholesale Inventories Rise in September   Full Article
Washington, DC, Nov. 12, 2014 -- U.S. wholesale inventories rose 0.3% in September after a 0.6% gain in August, according to the Commerce Department.

Beazer Homes Returns To Profit for Year   Full Article
Atlanta, GA, Nov. 12, 2014 -- Beazer Homes reported fiscal fourth-quarter net income of $59.8 million or $1.88 per share, compared to $11.9 million a year ago.

Mortgage Applications Fall Last Week   Full Article
Washington, DC, Nov. 12, 2014 -- Applications for U.S. home mortgages fell last week as interest rates rose, according to the Mortgage Bankers Association.

NAFCD Names Award Winners   Full Article
Chicago, IL, Nov. 12, 2014 -- The North American Association of Floor Covering Distributors has named the winners of its Leadership in Action and Lifetime Achievement awards.

First TISE East Draws International Attendees   Full Article
Dallas, TX, Nov. 12, 2014 -- Hanley Wood Exhibitions said that its first-ever International Surface Event East featured 185 exhibiting companies covering over 50,000 square feet of booths and displays.

NAFCD Urges Members To Support Habitat Stores   Full Article
Chicago, IL, Nov. 11, 2014 -- The North American Association of Floor Covering Distributors Association is urging its members to support Habitat for Humanity's ReStores by donating materials and products.

Former Mannington VP Hollinger Dies   Full Article
Kennett Square, PA, Nov. 11, 2014 -- Mark A. Hollinger, age 58, a long-time Mannington Mills employee, died Nov. 5 after a year long battle with glioblastoma multiforme.

Desso Using Water Company Waste in Carpet Tile   Full Article
Waalwijk, The Netherlands, Nov. 11, 2014 -- Carpet company Desso said it is using chalk from local water companies to make its products.

Investment Adviser Reduces Stake in Armstrong   Full Article
Boston, MA, Nov. 11, 2014 -- Wellington Management Company of Boston has reduced its stake in Armstrong World Industries to less than 5% of the firm.

Mr. David's Founders Named Persons of Year   Full Article
Chicago, IL, Nov. 11, 2014 -- David and Leonard Zmijewski, the founders of Mr. David's Flooring International, have been named Persons of the Year by the Chicago Floor Covering Association.

Dover Rug & Home Wins Philanthropy Award   Full Article
Natick, MA, Nov. 10, 2014 -- Dover Rug & Home said it is the recipient of the 2014 Community Excellence Award, given by the Family Business Association of Massachusetts.

More Home Refinancers Taking Cash at Closing   Full Article
Washington, DC, Nov. 10, 2014 -- Borrowers cashed out an estimated $8 billion in home equity through refinancing of conventional mortgages in the third quarter, according to Freddie Mac’s quarterly refinancing report.