08/01/2014
Housing Update
Time for my quarterly update of the housing situation in the United States, using the single-best barometer of all, existing home prices as published each month by the National Association of Realtors (NAR).
This go ‘round we look at the second quarter of the year. Spring is when activity picks up, as should prices, though as you can see below, the pace of price gains is slowing, up 4.3% in June 2014 vs. June 2013, compared with a 13.3% gain June 2013 vs. June 2012. The 4.3% was the slowest rise since March 2012.
The following is the national median home price.
2014
Apr. ...$201,500
May ...$212,000
Jun. ....$223,300 (preliminary)
2013
Apr. ...$191,800
May ...$203,100
Jun. ....$214,000
2012
Apr. …$173,700
May …$180,300
Jun. ….$188,800
2011
Apr. …$161,100
May …$169,300
Jun. ….$175,600
2010
Apr. …$172,300
May …$174,600
Jun. ….$182,900
2009
Apr. …$166,500
May …$174,800
Jun. ….$181,800
Using the NAR’s data, the median average for a full year was as follows.
2004…$185,200
2005…$219,600
2006…$221,900*
2007…$219,000
2008…$198,100
2009…$172,500
2010…$172,900
2011…$166,100
2012....$176,800
2013....$197,100
*Existing home prices peaked in July 2006 at $230,200… according to the NAR. You can play around with the numbers but generally you’re talking a ‘formal’ decline of 30%, peak to trough. That’s the national figure. Of course the damage elsewhere was far worse.
Source: realtor.org
Wall Street History will return in two weeks.
Brian Trumbore
