Over 10-Year View, Home Sales Are Strong
September 1, 2015
The National Association of REALTORS® finds that July 2015 existing-home sales are markedly higher than the 10-year July average. The 10-year average is an average of the data from the past 10 July months.
Read more: Signs Indicate No Drop-Off for Home Sales
Regionally, the Northeast was the only area of the country slightly below its 10-year average, while all other regions showed stronger sales. The Midwest and South were up above average by more than 15 percent and the West has risen 9 percent, according to NAR.
The median home price is also higher than the 10-year average. In its 10-year review, NAR says home prices nationally began to drop in 2006 in some regions and 2007 nationally but did not see the biggest drop until around 2009.
"The trend for median home prices turned around completely in 2012, all regions and the U.S. saw their lowest July median price in 2011," NAR notes on its blog Economists' Outlook. Since then, home prices have been on the rise.
A shortage of homes for-sale continues to persist in the current market. There are fewer homes available for sale this July than the 10-year July average.
"In 2005, the U.S. had the fastest pace of homes sold relative to the inventory taking 4.6 months," NAR notes. "In 2010, the U.S. had the slowest pace taking 11.9 months to sell the supply of homes on the market."
The 10-year July average in supply is 7.7 compared to this July, which is at a 4.8-month supply.
Source: "July 2015 Existing-Home Sales Over 10 Years," National Association of REALTORS® Economists’ Outlook Blog (Aug. 31, 2015)
Updated: November 25, 2020