Average Home Price Jumps 11.3% from Last Year:
More good news about
the housing market: Inventories are lower, prices are higher and the number of
days a home is on the market has decreased.According to the Existing Home Sales report that was just released, the median price paid for a previously occupied home rose 11.3 percent from a year earlier to $183,900.
Tight inventories have helped support home prices in recent months, which could help economic growth by making consumers more comfortable about their finances. The nation's stock of existing homes for sale fell 3.3 percent last month to 2.32 million units. At the current pace of sales, inventories would be exhausted in 5.9 months, the lowest rate since March 2006, the National Association of Realtors said.
The median time previously owned homes spent on market was 70 days in September, down 30.7 percent from a year ago. Also helping prices - the share of distressed sales fell to 24 percent in September, down from 30 percent in the same month of 2011.
The low-hanging fruit has already been picked over the past year and now there are concerns that there may be a shortage of housing in some areas which has fueled buyer interest in acting sooner rather than later.
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