How’s housing really doing? A 10-year review

A recent article out of Washington shows great news for the housing market. You most likely know the housing industry has made some tremendous gains in recent months, but it’s important to look at that information on a continuum.

The National Association of Realtors® Economists’ Outlook compared data using a 10-year average. The data compared included existing home sales, median sales prices and inventory figures. Let’s take a look at how the data stacks up:

HOME SALES

Leader: 2014 – October 2014 home sales was higher than the average for October over the last 10 years. This was even more prominent in the Midwest and South. Two areas did show declines from the 1o-year October average: the Northeast and West.

HOME PRICES

Leader: 2014 – In all regions, except the Northeast, median home prices are higher than the 10-year October average. From 2006 – 2011 the median price year-over-year struggled, but it has recovered and grown every year since. In 2012 the West actually showed it’s best gains in all of the 10 years analyzed. As for October 2014, the highest year-over-year price percentage change occurred in the Midwest.

INVENTORY

Leader: 10-year October average

There are more homes on the market this October than October 2013, give buyers slightly more choice.

Source: Florida Realtors

We are experiencing a straightening and steadying real estate market. There are still some great deals out there for buyers, but now is the time. As season is upon us, it’s now time to get your home listed for sale. Snowbirds and tourists are here and ready to buy, be ready to sell. Having been a resident of Southwest Florida for 30 years I have the knowledge and resources to help you reach your next real estate goals

So if you’re considering a move, consider me to sell your home or help you find your own piece of paradise!

Sincerely,

John Petel

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