Residential buyers in twin cities were calmed from higher interest rates in the month of August 2013.Also the pending sales saw an increase of 10.9 per cent which was around 5244. Also the sales activity was paving the way to the housing demand with rising prices. However the buyers watched inventory levels for more choices.
There was also an increase seen in the number of new listings. The upsurge was till 16.5 percent that showed around 6951 properties in the listings. With this the year-on-year seller’s activity when seen reported a surge for the fifth consecutive time in a row.
Buyers can currently buy from 15773 properties which is around 21.2 percent more compared to January 2013 and around 9.9 per cent fewer than August 2012.
The overall median sales price was also up to 16.9 per cent when compared to August 2012. The price was reported as $208,000.The overall median sales price is a way in which the home prices can be measured to calculate the home prices in a specific region. Mean price and median prices are two separate things and should not be mixed with each other.
Though both are measures of central tendency but they are calculated in a different way. The house falling in the middle of the list provides realtors with the median price in the area. This price also indicates that half of the price will be less than the price and half will be more than it. Compared to August 2012, when a surge was reported in the overall median price, the real cause was a shift in sales type.
In September 2012, short sales and foreclosures reported around 35.8 percent of complete sales activity. In the month of August 2013, the aforesaid segments made around 20.7 percent of all sales. There was also a decline in the percentage of new distressed listings in August. The percent decreased to 17.8 percent which was down from 32.7 percent from the year 2012.
Traditional buyer activity increased 34.7 percent. Here the closed sales were up to 8.9 per cent. Also short sales and foreclosure sales were down to the level of 34.5 and 43.5 per cent respectively. The traditional seller activity was up 42.1 per cent. The new listings were 16.5 per cent up. Foreclosure listings fell to around 31.4 per cent and short sales were down to 46.0 per cent.
Houses are reported to be selling within an average of 70 days which is the fastest in six and a half years. The sellers are receiving an average of 97 per cent of their original list price which is the highest in a period of seven years.
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