Real Estate Roundup: US Home Prices Approach All-Time Peak
August 27, 2013Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:look at recent news of interest to homebuyers, home sellers, and the home-curious:Median U.S. Prices Near Record HighsMedian home sales prices in the country hit $213,500 in July, a year-over-year increase of 13.5 percent, according to the National Association of Realtors. U.S. housing prices have experienced 17 consecutive months of year-over-year gains, and the median price is now just 7.3 percent below the all-time record of $230,400, set in July 2006. Median sales prices in the nine-county Bay Area reached $720,000 in July–more than three times greater than the overall U.S. median sales prices. NAR also found that sales volume across the country spiked 17.2 percent since last July, from 4.6 million units to 5.39 million. Months’ supply of inventory (MSI) held steady from June at 5.1 but is down 5 percent from a year ago. According to NAR Chief Economist Lawrence Yun, the slim supply of home inventory will continue to push prices upward. “Tight inventory in many areas means above-normal price growth for the foreseeable future,” Yun stated.Oakland easily topped the list of markets with the tightest inventory, with homes lasting on the market an average of 20 days. Denver placed second, with an average time-on-market of 31 days. To view the inventory and prices of homes for sale now, visit our current listings page.