Tag Archives: Mt Kisco Real Estate for Sale

Building materials prices up 19% | Mt Kisco Real Estate

According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 0.5% in April, following upwardly revised increases of 1.9% and 2.4% in March and February, respectively. This adds up to an 4.9% increase in building materials prices since the start of 2022. Year-over-year, building materials prices are up 19.2% and have risen 35.6% since the start of the pandemic.

The price index of services inputs to residential construction registered a similar increase, rising 0.9% in April. However, the index was upwardly revised for March, causing the monthly increase to jump from 3.2% to 6.8% over the month. As a result, the price index of services used in home building (including trade services, transportation and warehousing) has climbed 13.3% since the start of the year. Year-over-year, the index has increased 18.1% and is up 45.6% since the start of the pandemic.

Softwood Lumber

The PPI for softwood lumber (seasonally adjusted) declined 15.6% in April following a downwardly revised 5.4% increase in March and a 2.5% gain in February. As a result, the index is down 8.9% over the first four months of 2022. Since reaching its most recent trough in September 2021, prices have risen 60.4%.

Steel Products

Steel mill products prices (NSA) climbed 2.4% in April–the first monthly increase since December 2021. Nonetheless, the first four months of 2022 have been positive for the cost of derivative steel products after increasing 128.0% in 2021.

Ready-Mix Concrete

The PPI for ready-mix concrete (RMC) resumed its upward trend after a small decline in March (-0.2%) as prices rose 1.3% (SA) in April. The index has climbed 8.9% year-over-year and is 12.6% higher than the January 2021 reading.

Gypsum Products

The PPI for gypsum products (SA) was flat in April. Year-over-year, the prices of gypsum products are 17.8% higher and have increased 23.5% since January 2021.

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eyeonhousing.org

Slowing Fourth Quarter Sales Did Not Derail Record 2021 Housing Market | Mt Kisco Real Estate

WHITE PLAINS—Residential sales in 2021 in the counties served by OneKey MLS, Inc. reached a historic peak. This, despite a slowing of sales in the fourth quarter in all areas served by OneKey MLS with the exception of Bronx County.

Arguably, some of the slowdown can be attributed to the dearth of inventory in the counties north of New York City, while the “Bronx Tale” is more closely aligned to a return of buyers to the New York City market.

While the view of the market in terms of units sold and dollar volume is a positive one, it was a frustrating arena for many buyers who lost homes to higher bidders and for the practitioners dealing with client frustration and disappointment.

Bronx County had the largest percentage increase in residential sales at 61.4% year-over-year with 2,553 units sold as compared to 1,582 sales for 2020. Total residential sales in the counties to the north were more in line with each other with Rockland County leading the group with an increase of 19.3% (3,631 units compared to 3,044 units in 2020); Westchester, a close second at 19.1% (11,855 units compared to 9,955 units for 2020); followed by Orange County with a 16% increase (5,406 residential sales compared to 4,662 sales in 2020); Putnam experienced a 10.6% increase over 2020 (1,605 units compared to 1,451) and Sullivan County had a 9.6% increase for 2021 (1,393 compared to 1,271 in 2020).

Sales of single-family residential units increased across the board with Bronx County sales increasing an eye-opening 45.8% (716 units vs. 491 units for 2020). The median price of a single-family residence in Bronx County increased 8.5% to $575,000. The largest percentage price increase for a single-family home occurred in Sullivan County with a 25.3% increase to $244,400 from $195,000 in 2020. Notably, Westchester County, with the highest prices in the region, had the smallest percentage increase in median price for the year at 6.1% ($780,000 as compared to $735,000 in 2020) and actually experienced a slight decrease (-0.8%) in median price for the fourth quarter. This may be indicative of price increases beginning to moderate.

Orange County has seen consistent increases in the single-family median price with a year-over-year increase of 16.5% ($367,000 compared to $315,000 in 2020). Orange County single-family home sales increased by 11.2 % for the year to 4,444 units (compared to 3,996 in 2020) despite a drop of 20.7% in the fourth quarter.

In Rockland County the single-family median sale price increased 12% to $560,000 (from $500,00 in 2020) and Putnam County saw its single-family median price rise 15.8% to $440,000 (from $380,000 in 2020).

In terms of percentages, condominium, multi-family (2-4 family), and in Westchester County, co-op sales as well, all outpaced the increases in single-family units and, in most instances, the percent of median price increase. In Westchester County, where co-op sales lagged in 2020, they increased 36.3% to 2,129 units (from 1,562 in 2020). Affordability is the most prevalent reason for these choices particularly in view of the price increases in single-family dwellings. For many suburban purchasers, condos and co-ops represent a means to build equity to purchase a single-family residence.

When focusing solely on the fourth quarter residential sales numbers, they reflect a return to the more typical seasonality in the market, which disappeared in the fourth quarter of 2021. While there were significant decreases in the number of residential sales in all counties, except the Bronx, when comparing the 2021 fourth quarter to the 2020 fourth quarter sales, it is important to remember that the fourth quarter 2020 sales were fueled by a surge in buying activity in the second half of 2020 once COVID-19 restrictions were lifted. A more realistic comparison would be to the fourth quarters of 2019 and 2018, and the 2021 fourth quarter residential sales numbers were significantly higher than either of those two years.

Indicators such as days on market were down significantly in all market areas. Homes selling close to or at list price and above list price were a relatively common event. Lack of inventory continues to be a problem with no meaningful resolution on the near horizon. With the Fed tightening monetary policy it is expected that mortgage rates will begin a steady rise in 2022. However, despite these headwinds, the real estate market in the New York City and greater suburban area, including the lower Hudson Valley, have shown remarkable resiliency in the last year and a half, and we expect a strong real estate market to continue into 2022.

With the exception of the second quarter of 2020, the real estate market has been an anomaly outperforming the economy. Sales and prices have enjoyed a trajectory which is likely unsustainable going forward, however the economy of the Hudson Valley continues to improve and grow more vibrant, which bodes well for real estate. It is likely that price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term.

HGAR/OneKey® MLS 2021 Fourth Quarter Residential Real Estate Sales Report

Data provided by OneKey MLS, one of the largest Realtor subscriber-based MLS’s in the country, dedicated to servicing more than 46,310 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island.

realestateindepth.com/news/

Manhattan apartment sales hit a 32-year high | Mt Kisco Real Estate

More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30+ years of tracking, a new real estate market report says. According to a Douglas Elliman report published this week, there were 4,523 closed co-op and condos sales in the quarter, more than triple the same period last year and 76.5 percent higher than the same time in 2019. Even more indicative of the market turnaround following Covid-19, this quarter passed the previous sales record of 3,939 reported in the second quarter of 2007. And in its own market report, The Corcoran Group found sales volume in Manhattan topped $9.5 billion, the highest quarterly volume total ever recorded. This passes the previous record of $8.54 billion set in the second quarter of 2019.

The borough’s sales surge was driven by “rising vaccine adoption, low mortgage rates, and improving economic conditions,” as the city recovers from the pandemic, according to the report.

Compared to the condo glut the Manhattan market saw last year largely because of Covid, inventory has fallen significantly. The report sites 7,694 listings this quarter, a decline of 17.4 percent compared to the same time last year. However, inventory remains high when looking at the 10-year average for the third quarter.

Another notable figure from the report is the increase in the number of “bidding wars,” which includes properties sold above the last listing price. Manhattan’s share of bidding wars rose to 8.3 percent, its highest level in three years, but still way below the 31 percent record set in the third quarter of 2015.

“What we’re seeing right now is a catch-up,” Jonathan Miller, the real estate appraiser who authored the report, told the New York Times in an interview. “All the suburbs were booming while Manhattan was seeing sales at half the normal rate last year. Now we’re seeing this massive surge.”

A third-quarter market report from Brown Harris Stevens looked at resale apartments and how the market is favoring sellers. The average price of resale apartments rose for co-ops by 17 roughly percent and for condos by 15 percent compared to last year. Plus, according to the report, sellers received 97.4 percent of their last asking price, the highest percentage in nearly four years.

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6sqft.com/manhattan

Mortgage rates average 3.02% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.02 percent.

“Mortgage rates have risen above three percent for the first time in ten weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced – and there remain many borrowers who could benefit from doing so – now is the time.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.02 percent with an average 0.7 point for the week ending June 24, 2021, up from last week when it averaged 2.93 percent. A year ago at this time, the 30-year FRM averaged 3.13 percent.
  • 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.7 point, up from last week when it averaged 2.24 percent. A year ago at this time, the 15-year FRM averaged 2.59 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.53 percent with an average 0.3 point, up slightly from last week when it averaged 2.52 percent. A year ago at this time, the 5-year ARM averaged 3.08 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

New homes material prices rising 26% | Mt Kisco Real Estate

post published last week discussed how record numbers of builders were reporting on broad-based shortages of building materials and products.  The source of the information was the May survey for the NAHB/Wells Fargo Housing Market Index (HMI).  The same survey asked the HMI panel of single-family builders how total material costs for the same house have changed over the past 12 months.

The most comment response (checked by 28.0 percent of builders) was that materials costs increased by 20 to 29.99 percent.  However, 15.9 percent indicated that costs increased by 30 to 39.99 percent, 5.9 percent indicated 40 to 49.99 percent, and 15.2 percent even indicated that their costs had increased by 50 percent or more.

On average, the 12-month increase in material costs for the same house was 26.1 percent.  Historically, NAHB has included the material cost question on its HMI questionnaire six times since 2012.  The 2021 figure of 26.1 percent is the highest the average 12-month cost increase has been over that span—by a wide margin.  The previous record was 6.1 percent recorded in 2017.

Material availability and costs are one of several factors, including the cost of regulation and a general shortage of construction labor, limiting the supply of housing, particularly for the entry-level market where additional inventory is badly needed.

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eyeonhousing.org

Existing home sales up 25% | Mt Kisco Real Estate

After reaching almost 15-year high last month, existing home sales, as reported by the National Association of Realtors (NAR), declined for the first time in six months amid inventory shortage and surging prices.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 2.5% to a seasonally adjusted annual rate of 6.69 million in November. On a year-over-year basis, sales were still 25.8% higher than a year ago.

The first-time buyer share stayed at 32% in November, same as last month and a year ago. However, price gains threaten this share in the future. The November inventory level fell to record-low 1.28 million units from 1.42 million units in October and is down from 1.64 million units a year ago.

At the current sales rate, the November unsold inventory represents an all-time low 2.3-month supply, down from 2.5-month in October and 3.7-month a year ago. This low level supply of resale homes is good news for home construction.

Homes stayed on the market for an average of just 21 days in November, an all-time low, seasonally even with last month and down from 38 days a year ago. In November, 73% of homes sold were on the market for less than a month.

The November all-cash sales share was 20% of transactions, up from 19% last month but unchanged from a year ago.

Tight supply continues to push up home prices. The November median sales price of all existing homes was $310,800, up 14.6% from a year ago, representing the 105th consecutive month of year-over-year increases. The median existing condominium/co-op price of $271,400 in November was up 9.5% from a year ago.

Regionally, three of four regions saw a decline in existing home sales in November. Sales in the Northeast, Midwest and South fell 2.2%, 2.5% and 3.8% respectively from last month, while sales in the West remained unchanged. On a year-over-year basis, sales still grew by double-digit in all four regions, ranging from 24.2% in the Midwest to 27.3% in the West.

Though sales took a marginal step back in November, existing home sales have outperformed 2019 levels and housing demand is expected to remain strong due to low mortgage rates and remote-work flexibilities. However, the imbalance between housing supply and demand could hamper future sales by driving up home prices and restraining affordability.

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eyeonhousing.org

Case Shiller home prices up 5.2% | Mt Kisco Real Estate

U.S. home prices posted a robust gain in August — another sign that the American housing market remains strong despite economic fallout from the coronavirus pandemic.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices climbed 5.2% in August from a year earlier, accelerating from a 4.1% gain in July. The gain was stronger than economists had expected.

Phoenix (up 9.9% from August 2019), Seattle (up 8.5%) and San Diego (7.6%) posted the biggest gains. All 19 cities in the index recorded price increases. The 20-city index excluded prices from the Detroit metropolitan area index because of delays related to pandemic at the recording office in Wayne County, which includes Detroit.

Helped by rock-bottom mortgage rates, the U.S. housing market has been a source of strength as the U.S. economy climbs back from an April-June freefall caused by the pandemic and the measures taken to contain it.

“The supply of for-sale homes, already extremely tight, has only become more constrained in recent months, and historically low mortgage rates continue to encourage many buyers to enter the market,” Matthew Speakman, economist at the real estate firm Zillow, said in a research note. “This heightened competition for the few homes on the market has placed consistent, firm pressure on home prices for months now, and there are few signs that this will relent any time soon.”

The National Association of Realtors reported last week that sales of existing shot up 9.4% in September and that the median selling price of a home climbed 15% from a year earlier to $311,800. And the Commerce Department reported that home building rose 1.9% in September on a surge in construction of single-family homes.

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Existing home sales jump to 14-year high, as prices set another record | Mt Kisco Real Estate

  • Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6.0 million units, according to the National Association of Realtors.
  • Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession. 
  • Tough competition has the market moving very quickly. It took just 22 days to sell a home in August, matching the fastest on record.
A home for sale is seen in Santa Monica, California.

A home for sale is seen in Santa Monica, California.

After a record-setting July, the housing market still shows no sign of cooling off.

Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession.

Sales were hampered only by lack of supply. There were 1.49 million homes for sale at the end of August, down 18.6% annually to a 3.0-month supply. The number of homes for sale when sales were last this robust, in 2006, was more than double the current supply.

That tight supply pushed the median price of an existing home sold in August to a record high of $310,600. That is up 11.4% annually. In the third quarter of this year the housing wealth will have increased by $1.5 trillion from the second quarter.

“The imbalance of supply and demand will hurt affordability soon. Once that appears it will hinder home ownership rates,” said Lawrence Yun, chief economist for the Realtors. 

Tough competition has the market moving very quickly. It took just 22 days to sell a home in August, matching the fastest on record.

Mortgage rates set several record lows in August, which only added to the fierce competition for housing. Low rates also kept the heat on home prices, as they give buyers additional purchasing power.

Regionally, sales were strongest in the Northeast, rising 13.8% month to month. Sales were 1.4% higher in the Midwest and 0.8% higher in both the South and West. The Northeast saw some of the strictest shutdown rules early in the coronavirus pandemic, so the recovery now may be making up for that.  

Sales of newly built homes, which are counted by signed contracts, not closings, jumped 36% annually in July. Builders are benefiting from the tight supply of existing homes for sale, as well as for the new consumer demand for higher-tech homes in suburban and rural locations.

Strong demand is expected to continue into the usually slower fall months, but there may be a brief drop in the numbers because of the various natural disasters across the nation.

“In early September, new housing supply took a hit from the wildfires and hurricanes, and sales activity weakened. But because the impact of natural disasters has been more supply-oriented than demand-oriented, prices are expected to remain high,” said Danielle Hale, chief economist at realtor.com. “The combination of high prices and low supply is going to continue to make finding a home an even more difficult task than it already is.”

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https://www.cnbc.com/2020/09/22/existing-home-sales-jump-to-14-year-high-as-prices-set-another-record.html

Mortgage rates average 3.01% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.01 percent.

“While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop. In the short-term, this means the demand will continue on the back of near record low mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “However, the most recent consumer spending data has been pointing to slow growth since mid-June. The concern is that the pause in economic activity will cause unemployment to remain elevated which will lead to longer-term labor market distress.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.01 percent with an average 0.8 point for the week ending July 23, 2020, up slightly from 2.98 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.  
  • 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point, up from last week when it averaged 2.48 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent with an average 0.3 point, up slightly from last week when it averaged 3.06 percent. A year ago at this time, the 5-year ARM averaged 3.47 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

NAR reports existing sales jump 20.7% in June | Mt Kisco Real Estate

 Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic, according to the National Association of Realtors®. Each of the four major regions achieved month-over-month growth, with the West experiencing the greatest sales recovery.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June. Sales overall, however, dipped year-over-year, down 11.3% from a year ago (5.32 million in June 2019).

“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”

The median existing-home price2 for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June’s national price increase marks 100 straight months of year-over-year gains.

Total housing inventory3 at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.

Yun explains that significantly low inventory was a problem even before the pandemic and says such circumstances can lead to inflated costs.

“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.”

Yun’s concerns are underscored in NAR’s recently released 2020 Member Profile, in which Realtors® point to low inventory as being one of the top hindrances for potential buyers.

Properties typically remained on the market for 24 days in June, seasonally down from 26 days in May, and down from 27 days in June 2019. Sixty-two percent of homes sold in June 2020 were on the market for less than a month.

First-time buyers were responsible for 35% of sales in June, up from 34% in May 2020 and about equal to 35% in June 2019. NAR’s 2019 Profile of Home Buyers and Sellers – released in late 20194 – revealed that the annual share of first-time buyers was 33%.

Individual investors or second-home buyers, who account for many cash sales, purchased 9% of homes in June, down from 14% in May 2020 and 10% in June 2019. All-cash sales accounted for 16% of transactions in June, down from 17% in May 2020 and about equal to 16% in June 2019.

Distressed sales5 – foreclosures and short sales – represented 3% of sales in June, about even with May but up from 2% in June 2019.

“It’s inspiring to see Realtors® absorb the shock and unprecedented challenges of the virus-induced shutdowns and bounce back in this manner,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “NAR and our 1.4 million members will continue to tirelessly work to facilitate our nation’s economic recovery as we all adjust to this new normal.”

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage decreased to 3.16% in June, down from 3.23% in May. The average commitment rate across all of 2019 was 3.94%.

Single-family and Condo/Co-op Sales

Single-family home sales sat at a seasonally-adjusted annual rate of 4.28 million in June, up 19.9% from 3.57 million in May, and down 9.9% from one year ago. The median existing single-family home price was $298,600 in June, up 3.5% from June 2019.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 440,000 units in June, up 29.4% from May and down 22.8% from a year ago. The median existing condo price was $262,700 in June, an increase of 1.4% from a year ago.

“Homebuyers considering a move to the suburbs is a growing possibility after a decade of urban downtown revival,” Yun said. “Greater work-from-home options and flexibility will likely remain beyond the virus and any forthcoming vaccine.”

Regional Breakdown

In a complete reversal of the month prior, sales for June increased in every region. Median home prices grew in each of the four major regions from one year ago.

June 2020 existing-home sales in the Northeast rose 4.3%, recording an annual rate of 490,000, a 27.9% decrease from a year ago. The median price in the Northeast was $332,900, up 3.6% from June 2019.

Existing-home sales increased 11.1% in the Midwest to an annual rate of 1,100,000 in June, down 13.4% from a year ago. The median price in the Midwest was $236,900, a 3.2% increase from June 2019.

Existing-home sales in the South jumped 26.0% to an annual rate of 2.18 million in June, down 4.0% from the same time one year ago. The median price in the South was $258,500, a 4.4% increase from a year ago.

Existing-home sales in the West ascended 31.9% to an annual rate of 950,000 in June, a 13.6% decline from a year ago. The median price in the West was $432,600, up 5.4% from June 2019.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

# # #

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for June is scheduled for release on July 29, and Existing-Home Sales for July will be released August 21; release times are 10:00 a.m. ET.


1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.