Industry Trends 2012 Issue 2 - 8

REPORT 6
8

existing home sales
Strong recovery in sales of existing homes

ales of existing single-family homes rose 9.9% in July compared to last July, as the economic recovery continued. The strongest growth was in the Midwest, up 17% over the numbers from last year. Sales were up only 2% compared to June, which is also typically a strong month for home sales. The West is showing the slowest growth, up 5.5% over last year, and actually down slightly compared to June. Based on the raw number of sales for July, the National Association of Realtors® projects total sales in 2012 of just under

4 million single-family homes in the U.S. This would represent a substantial increase from the totals in 2011. Year to date sales are at 2.35 million, which is already 62% of last year’s total. This data includes only single-family homes, which make up the vast majority of existing home sales. The previous issue of Industry Trends looked at all home sales, including condo and co-op sales. While movers may be most interested in homes sales, it is interesting that the Western U.S. saw the biggest jump in home prices, up 24% over last year.

Snapshot of Existing Single Family Home Sales (2009 - July 2012)
Number of Existing Sales 2009 2010 2011 2012 Projected July 2012 vs. July 2011 July 2012 vs. June 2012 July 2012 Raw Numbers Year to Date U.S. 3,870,000 3,708,000 3,787,000 3,980,000 9.9% 2.1% 378,000 2,350,000 Northeast 480,000 465,000 449,000 480,000 9.1% 6.7% 51,000 285,000 Midwest 918,000 859,000 863,000 980,000 16.7% 2.1% 98,000 577,000 South 1,460,000 1,426,000 1,471,000 1,560,000 9.1% 2.6% 146,000 894,000 West 1,012,000 958,000 1,004,000 960,000 5.5% -1.0% 83,000 594,000

Median Sales Price (Dollars) July 2012 Median July 2012 vs. July 2011
Source: National Association of REALTORS®

U.S. $188,100 9.6%

Northeast $254,600 4.1%

Midwest $155,400 5.9%

South $167,500 6.7%

West $241,900 23.7%

INDUSTRY TRENDS » 2012, Vol. 2

Industry Trends 2012 Issue 2

Table of Contents for the Digital Edition of Industry Trends 2012 Issue 2