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Home prices finally leveling out

Home Prices are Leveling Out

The price of new homes is beginning to stabilize as of April 2012. The sale of existing homes declined in March 2012, although they were still higher than they were a year ago. The inventory of homes also declined in March, which prevented the usual increase in sales during this period. The primary reason for the decline in sales in the western United States and southern Florida was the lack of supply. Home sales were restricted by demand in other parts of the country.

Prices

The national median price of existing homes was $163,800 in March, which was 2.5 percent higher than in March 2011. Foreclosures sold for 19 percent below market value and short sales were 16 below market value. These bank owner homes accounted for the following percentage of the total home sales:

40 percent in March 2011
34 percent in February 2012
29 percent in March 2012
Sales

The national median price of all home sales, including single-family homes, condominiums and co-ops were as follows when adjusted for seasonal differences:

4.26 million in March 2011
4.60 million in February 2012
4.48 million in March 2012
The national median price of existing single-family homes was $163,000 in March, which was 1.9 percent higher than in March 2011. The seasonally adjusted sales of these homes are as follows:

3.75 million in March 2011
4.07 million in February 2012
3.97 million in March 2012
The national median price of existing condominiums and co-op homes was $165,200 in March, which was 7.1 percent higher than in March 2011. The seasonally adjusted sales of these homes are as follows:

510,000 in March 2011
530,000 in February 2012
510,000 in March 2012
Buyers

The average commitment rate for 30-year, fixed-rate conventional mortgages were as follows:

4.84 percent in March 2011
3.89 percent in February 2012
3.95 percent in March 2012
The percentage of sales that were all-cash transaction were as follows:

35 percent in March 2011
33 percent in February 2012
32 percent in March 2012
The percentage of homes that were purchased by investors were as follows:

22 percent in March 2011
23 percent in February 2012
21 percent in March 2012
The percentage of homes that were purchased by first-time buyers were as follows:

33 percent in March 2011
32 percent in February 2012
33 percent in March 2012
Inventory

The total inventory of homes declined 1.3 percent in March, providing a 6.3-month supply at the sales rate. The inventory for homes are as follows:

3.03 million in March 2011
2.40 million in February 2012
2.37 million in March 2012

This article is a summary of data presented at: http://www.realtor.org/news-releases/2012/04/exist​ing-home-sales-decline-in-march-but-inventory-down​-prices-stabilizing

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