Every month NAR produces existing home sales, median sales prices and inventory figures. The reporting of this data is always based on homes sold the previous month and the data is explained in comparison to the same month a year ago. We also provide a perspective of the market relative to last month, adjusting for seasonal factors, and comment on the potential direction of the housing market.
The data below shows what our current month data looks like in comparison to the last ten September months and how that might compare to the “ten year September average” which is an average of the data from the past ten September months.
- The total number of homes sold in the US for September 2017 is higher the ten year September average. Regionally, all four regions were above the ten year September average, while the Midwest and South led with stronger sales.
- Comparing September of 2007 to September of 2017 more homes were sold in 2017 in the US and all regions, the West leading with the biggest gain of 34.8 percent. The US had an increase of 17.7 percent while the Midwest had an uptick in sales at 18.2 percent. The South had gains of 11.5 percent. The Northeast region had the slowest pace in sales over the ten year period.
- This September the median home price is higher than the ten year September average median price for the US and all four regions.
- Comparing September of 2017 to September 2007, the median price of a home increased in all regions. The South led all regions with a gain of 23.6 percent followed by the Midwest with 18.5 percent. The US had an incline in price of 16.4 percent while the West experienced a gain of 15.6 percent. The Northeast had the smallest gain of 4.8 percent.
- The median price year over year percentage change shows that home prices began to fall in 2007 nationally, even though the Midwest prices were flat that year. Prices dipped almost by double digits in three of the four regions in 2008 in which the West had the biggest decline of 17.8 percent. The trend for median home prices turned around completely in 2012, when all regions showed price gains. The West had the biggest price increase of 17.7 percent and the US showed 7.9 percent gains. The following year, 2013, price growth peaked and the West had the largest gain in price of 15.5 percent followed by the South with an increase of 14.3 percent. The Northeast had the smallest growth in prices at 1.3 percent from 2012 to 2013. This September the Midwest (5.4%) had the highest year over year price change over the US and the other three regions.
- There are currently fewer homes available for sale in the US this September than the ten year September average. Inventory figures over the ten year time period has declined substantially having only increased in both single family and condos in 2014.
- This current September the US had the fastest pace of homes sold relative to the inventory when months supply was 4.2 months. In 2010, the US had the slowest relative pace when it would have taken 10.7 months to sell the supply of homes on the market at the prevailing sales pace. This was also the case for the condo market which had the biggest challenge in when it would have taken 14.8 months and single-family 10.1 months to sell all available inventory at the prevailing sales pace.
- The ten year September average national months supply is 7.0 while single family is 6.8 and condos are 8.5 months supply.