Strong Demand Helps Buck Winter Trend
Article by Daily Real Estate News; December 27, 2013
November’s median list prices nationwide remained “unusually strong for the season,” posting a 6.9 percent year-over-year increase, according to realtor.com’s National Housing Trend Report. Inventory of for-sale homes also stabilized in many markets after large drops at the beginning of the year, and homes were selling faster this November compared to last year.
“With demand in a much stronger position compared to last year, we anticipate these gains to remain steady into 2014, but with increases expected at a more moderate pace than we have seen in 2013,” says Errol Samuelson, president of realtor.com.
Of the 146 markets that realtor.com tracks, 111 posted year-over-year median list price increases of 1 percent or more.
The following markets led the nation with the largest year-over-year list price increases:
- Stockton-Lodi, Calif.: +47.06% (median list price: $250,000)
- Detroit: +39.04% (median list price: $125,000)
- Las Vegas, Nev.-Ariz.: +29.65% (median list price: $174,900)
- Santa Barbara-Santa Maria-Lompoc, Calif.: +28.28% (median list price: $799,000)
- Los Angeles-Long Beach, Calif.: +28.17% (median list price: $455,000)
- Orange County, Calif.: +27.45% (median list price: $599,000)
- Reno, Nev.: +26.89% (median list price: $260,000)
- Riverside-San Bernardino, Calif.: +26.67% (median list price: $285,000)
- Oakland, Calif.: +23.35% (median list price: $467,500)
- Fresno, Calif.: +22.99% (median list price: $230,000)
Source: realtor.com; Daily Real Estate News (122713) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee