Stewart Title Economist analyzes NAR statsTed Jones, the Chief Economist for Stewart Title, has taken a close look at July inventory levels and median list prices, as tabulated by the National Association of Realtors. Here’s Ted’s summary report. For information about your market, check out NAR’s monthly statistics.
Ted Jones: Prices of all goods, services and real estate are reached in a market dynamic of supply and demand. The supply of homes on the market parallels the number of listings available for sale on the multiple listing services in the country. Each month, Realtor.com tabulates listing and asking prices for the U.S. and for 146 separate markets across the country.Nationally, the total number of listings on the market at the end of July 2013 was 1.959 million, a decline of 5.24 percent when compared to 2012. The listing count in July 2013, was up in just 29 of the 146 markets (20 percent), while the median listing price was up in 108 out of the 146 markets (74 percent). Editor’s note: Median age of the listing inventory is 85 days.The country’s median listing price was up 5.27 percent to $199,900. In contrast, the median sales price of existing homes in June 2013 (the latest data available) was $214,200. Since the median list price is less than the median sales price, this would indicate that more high-end homes are selling at this time. Editor’s note: There may be some sales above list as well.So where are listing prices the highest across the country? And the lowest? The following tables show the 10 most expensive housing markets based on asking price, and the 10 markets with the lowest current median list price. Eight of the top-10 are in California, with Honolulu and Washington, D.C. rounding out the list. On the lower asking price list, eight of 10 are in the Midwest, with Ocala. Florida, and Macon, Georgia rounding out the 10.Want to see how your market stacks up? To view the entire Realtor.com listing summary, click http://www.realtor.com/data-portal/Real-Estate-Statistics.aspx
--Ted Jones, Chief Economist, Stewart Title