This month in Real Estate October 2013
In August the median existing home price dipped slightly from the previous month to $212,100. Median price was down only 0.7% from July but was up 14.7% from last August. Home prices typically dip later in the year, so the current month-to-month trend is not concerning. However, the year-over-year rises in home bode well and will continue to help boost more homeowners out of negative equity positions.
Existing home sales were up 1.7% from July, hitting the highest mark since February 2007. The current annual pace of 5.48 million home sales represents a 13.2% increase over the same month last year and represents the twenty-sixth consecutive month of year-over-year increases. The recent spike in the rate of home sales is likely tied to the rise in interest rates in previous months, which caused buyers concerned about rising rates to get off the sidelines and lock in.
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