Key market indicators are revealing that future home value appreciations will be driven primarily by market demand rather than the trending inventory shortages. With the summer season closing out, August has boasted year-over-year changes now in the single-digits for three indicators: inventory count, median age and median list price. This is a market performance level as not seen in a long while.
“Where we have seen significant volatility in many markets, including double-digit declines in inventory as well as increases in median price for both yearly and monthly views, we are now looking at a housing market that much more closely resembles ‘normal,’” said Steve Berkowitz, CEO of Move. “The fact that this moderation is becoming evident in more markets, and that rising mortgage interest rates are not yet affecting overall market activity, is further evidence of a much more stable housing marketplace.”
In detail, these are the key market indicators and national highlights as of September 2013: