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The National Housing Trend Report for the month of July 2013 was released this month and it shows a 5.24% decline in the national housing inventory, for the second month in a row. The national median list price increased 5.27 percent from one year ago.

In the Auburn area specifically (zip code 95603) it’s interesting to note that the number of homes for sale in July 2012 was 58 and the number of homes for sale in July 2013 was 64 and of that 44 were considered new listing; that is a 10.3% increase year over year. The inventory of unsold homes has declined 17.6% year to year. Currently we are at 1.4 months of inventory. Price per square foot is up 12% from July 2012. The average days on market in July 2012 was 100 days, in July 2013 it was only 33 days. But there is one stat that is a little concerning; in December 2012 the average list price began to rise and the average sold price followed in suit, that trend has taken a sudden turn in July 2013. The average price sold price in June 2013 was $402,000 but in July 2013 the average dropped to $338,000. Listing prices have been declining since their high of (avg) $555,000 in March to $463,000 in July. I think maybe home sellers were pushing the envelope – wanting the recovery to move along a little faster than the Buyers were willing to move.

I know this is a lot of numbers – the long and the short of it is – things seem to be moving in the right direction which will benefit all. The housing market has a huge ripple effect in the economy; the benefits of a strong real estate market are far reaching.

 

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