The housing market fluctuated a bit in 2014 but overall stayed on top of its game, compared to years past. Below, our real estate agent in Raleigh NC talks a bit about how the end of the year housing market reports looked as far as existing home sales go.
Existing Home Sales | Real Estate Agent in Raleigh NC
The National Association of Realtors reports that existing home sales in the United States increased by 2.4 percent to 5.04 million in December of 2014 from 4.92 million in November of 2014.
Breaking it down a little further, according to The NAR’s December 2014 existing home sales report, existing home sales increased 2.4% to an annual rate of 5.04 million units. Existing home sales increased from a downward revised 4.92 million pace in November. The pace remained above 5 million sales for six out of the past seven months. The median existing-home price in the US was $208,500 for 2014—a 5.8% rise from 2013. This price was the highest since 2007. In 2007, the median existing-home price was $219,000.
December 2014 Home Sales | Real Estate Agent in Raleigh NC
According to realtor.org, home sales in the South increased! That's great news for those hoping to buy a home in Raleigh! Also according to realtor.org:
- December existing-home sales in the Northeast declined 2.9 percent to an annual rate of 660,000, but are 3.1 percent above a year ago. The median price in the Northeast was $246,600, which is 3.2 percent above a year ago.
- In the Midwest, existing-home sales fell 3.5 percent to an annual level of 1.09 million in December, and are now 2.7 percent below December 2013. The median price in the Midwest was $159,100, up 5.3 percent from a year ago.
- Existing-home sales in the South climbed 3.8 percent to an annual rate of 2.17 million in December, and are 7.4 percent above December 2013. The median price in the South was $184,100, up 6.6 percent from a year ago.
- Existing-home sales in the West jumped 9.8 percent to an annual rate of 1.12 million in December, and are 2.8 percent above a year ago. The median price in the West was $299,600, which is 5.6 percent above December 2013.
It seems that first-time home buyers were a bit shy in the last month of 2014. Only 29% of home sales in December 2014 were to first-time home buyers. That’s down 31% from November 2014.
Though home sales were down, overall nationally, at the end of 2014, don't count 2015 home sales out just yet! For more information on homes sold in January 2015, be sure to visit back with our blog, soon. Our real estate agent in Raleigh NC will be back with more information regarding the 2015 home sales report and more!
If you’re considering buying a home at some point in 2015, contact our real estate agent in Raleigh NC! It's time to get started with the process of searching for your dream home! We will work with you, until you find your next home!
So what are you waiting for? Call now! At Roark Premier Team we have real estate agents in Raleigh NC standing by to help you get your home sold during one of the upcoming, busiest times of the year for real estate!