The final housing numbers are in for 2012, and they confirm the strengthening recovery momentum in the nation’s housing market.
Overall sales of single-family homes were up an estimated 9.8 percent between 2011 and 2012, and the median sales price of homes sold rose almost 7 percent.
The U.S. Commerce Department reports sales of new single-family homes totaled 367,000 in 2012, which is 19.9 percent better than in 2011. The median price of new homes sold during 2012 was $243,600, while the average sales price was estimated at $288,400. These represent gains of 7.2 percent and 7.7 percent, respectively, over 2011’s median and average sales prices for new homes sold.
Separately, the National Association of Realtors estimates a total of 4,127,000 previously-owned single-family homes were sold over the course of 2012, an increase of 9 percent from the 3,787,000 existing homes that changed owners during 2011. The median price of an existing single-family home sold in the U.S. last year was $176,900, an increase of 6.4 percent from 2011. The average price was up 5.2 percent over the year to a level of $225,500.
Housing market forecasters expect the recovery to gather additional momentum over the next two years. The current consensus forecast looks for sales gains averaging 18.4 percent for new single-family homes and 7.8 percent for already existing homes during 2013, and for overall single-family home sales nationwide to expand by at least another 8 percent during 2014.
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