Blog :: 04-2013

March 2013 Market Statistics

Northwestern Vermont Board of REALTORS Releases March 2013 Market Statistics The Northwestern Vermont Board of REALTORS (NVBR) has released its real estate market statistics for March 2013. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties. Comparisons to last year at this time: New listings decreased 2.3 percent to 257. Median sales price increased 2.9 percent to $239,000 Inventory continued to drop, down 35.0% to 817 homes Pending Sales rose again this month, up 14.9 percent to 185 Tight inventory levels and increasing demand seem to be supporting the increase in median sales prices. All three counties in northwestern Vermont continue to be strong, with Franklin County leading the way in the number of new listings and change in median sales price, said Kathleen Sweeten, Executive Vice President of NVBR The Northwestern Vermont Board of REALTORS (NVBR) is the Voice for Real Estate in northwestern Vermont representing over 600 members involved in all aspects of the residential and commercial real estate industries.

Existing Home Sales and Prices Continue to Rise in February

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Lawrence Yun, NAR chief economist, says conditions for continued housing improvement are at play. Job growth in the improving economy and pent-up demand are causing home sales to rise. Though home prices are rising fast, historically low mortgage rates are still making home purchases affordable, he says. The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.53 percent in February from 3.41 percent in January; it was 3.89 percent in February 2012. Regionally, existing-home sales in the Northeast fell 3.1 percent to an annual rate of 630,000 in February but are 8.6 percent above February 2012. The median price in the Northeast was $238,800, which is 7.6 percent above a year ago. Information included in this article courtesy of RISMedia For more information visit www.realtor.org