September National Housing Report Reflects Slow and Steady Pace

The temperatures are dropping and with it the market is seeing slower price increases and few home sales. The September National Housing Report reflects a slow and steady pace for the season so far, but experts are not deterred.

 “Although 2014 home sales may not reach the levels seen in 2013, the market has performed much stronger than many had predicted early in the year. This year’s market may have started off slowly, but it bounced back and slower price growth is keeping housing from becoming less affordable.”

Margaret Kelly, RE/MAX, LLC CEO

In August, the Median Sales Price of all homes sold was $202,500. This was 0.5 percent lower than the median price in July, but 7.5 percent above the median price seen in August 2013. On a year-over-year basis, the Median Sales Price has now risen for thirty-one consecutive months. Because inventory is moving in the right direction, home prices are not rising as rapidly as last year, when the August Median Sales Price rose 12.9 percent. While home prices continue to rise in 2014, they’re rising at a much slower rate than in 2013. The inventory of homes for sale was 4.4 percent lower than last year. Click here to download a copy of the September National Housing Report.

If you’re looking to buy or sell a home in the Arizona community, please contact the Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is our number one priority. -Frank

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