Friday, February 22, 2013

NAR: home sales flat in West region, home prices up again

The National Association of Realtors released new existing home sales data and median home price data yesterday.

According to NAR's numbers, existing home sales in the US West region, which includes Colorado, were flat, comparing December 2011 to December 2012. This is the smallest increase of the four regions measured. For example, home sales in the Midwest were up 18.9 percent during the same period. All other areas, and the nation overall showed increases of more than ten percent.

 Most of the sales growth appears to be  in the midwest and northeast as can be seen in the graph:

NAR also released median home prices for each region. In the West region, the median home price increased 19.3 percent from December 2011 to December 2012. This was a larger increase than was seen in teh nation overall. Nationally, the median home price increased 10.1 percent, year over year. The median home price was $287,100 in the West region. High prices in California keep the regional median home price well above the Colorado median home price which is closer to $200,000.  In the metro Denver area, which has the highest metro-wide median home price, the median home price right now is in the $250,000-$260,000 range.

Home sales totals continue to be held back by declining inventory.