Housing Inventories and Prices Increase
The National Association of Realtors reported that sales of existing single-family homes, co-ops, and condos declined 2.7% in October. The inventory of existing homes for sale jumped 3.5% to 2.87 million. Inventory as a percentage of current sales is now the highest since June 2003. The overall number of units on the market is the largest since April 1986. However, the rise in existing inventories has yet to impact existing home prices.
The regional breakdown is as follows:
In the South: home sales decreased 1.8% with the median price setting at $196,000 - up 18.1% from one year ago.
In the West: existing home sales declined 1.2% in October with the median price up 16.2% from 2004 to $316,000.
In the Midwest, sales declined 1.9% with prices rising 10.4% from 2004 to $170,000.
In the Northeast, home sales declined 7.4% while the median price rose 10.5% to $252,000.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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