The Trend of Home Prices Up and Closed Sales Down Continued again in April

Buyer demand remained strong this April, pushing prices up and home sales down. (see graphs below – click on them to enlarge) This has been on ongoing trend, as the median selling price for single-family home increased year-over-year for the 19th straight month. Additionally, inventory is down, but perhaps headed in a more positive direction: While this was the 26th straight month of inventory decreases, this was the smallest gap in the downward trend since June 2012.

Links:

-April 2014 Closed Sales Release

-Direct link to podcast with MAR President Peter Ruffini

Click arrow below to listen to the podcast:

Highlights from the release:

  • April single-family home sales – Down 7.2% over last year. (3,221 sales in 2014 from 3,472 sales in April 2013)
  • April single-family median prices were UP 2.3% to $320,000. Nineteen straight months of increases.
  • April condo sales down 2.7% and median prices UP 11.7% ($318,900)
  • Inventory in April down 12.0% to 19,240 and Condominiums available Down 23.7% to 5,156
  • SF listings added to the market in April down 2.5% over last year. (8.986 from 9,214 in 2013)
  • Condo listings added to the market down 4.7% over last year. (3,102 from 3,255 in 2013)

April 2014 SF chart

April 2014 CC chart