According to the National Association of Realtors®; existing home sales (called re-sales) for all of 2013 were the highest since the boom year of 2006. In all, there were over 5 million sales in 2013, which was over a 9 percent increase from 2012.
The median home price for 2013 nationally was $197,00 which was an 11.5 percent increase from 2012. It was the strongest gain since 2005. The percentage of short sales and foreclosures as a part of all sales dropped by half over December 2012. The increasing median price is partly fueled by the lack of these distressed properties pulling down prices.
Lawrence Yun, NAR chief economist, said housing has experienced a healthy recovery over the past two years. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” he said. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”