Home Sales rose again nationally,
showing the 3rd gain in the last 4 months, while inventory shrinks
The average home price in the Western Region fell just 2% year over year. The median price of a single family home across the nation was $154,400, down 2.6% from January 2011.
Inventory, or the number of homes sitting unsold on the market, shrank to just over 6 months. This is a key indicator, since a market balanced between and equal number of buyers and sellers tends to hover around 6 months supply. Inventory is down 20% from a year ago.
All cash sales have steadily accounted for 31% of sales. There are a lot of investors moving their cash into real estate, picking up rental properties and vacation homes.
Foreclosures accounted for 22% of January sales.
Short sales tallied up 13% of total January sales. One of my short sale listings just went into escrow after getting 4 all cash offers over asking price. 3 of the 4 buyers wanted to live there themselves.
To read more, turn to http://www.realtor.org/press_room/news_releases/2012/02/ehs_jan