National Year End Housing Data

Last week’s publication of year end confirmed that 2012 was the year of recovery in the nation’s housing market. Here are the key data:

Existing home sales reached 4.65 million, up 9.2% from 2011, and the highest volume since 2007

Total inventory, or houses for sale, fell to 1.82 million, or 4.4 months of supply, the lowest since May 2005. Inventory is down 21.6% from a year ago, when the supply was 6.4 months.

The median price was $180,800 in December, up 11.5% from a year ago: 10.9% for SFHs and 16% for condos. For the year overall the median price increased 6.3%.

Distressed sales – foreclosures and short sales – accounted for 24% of sales in December, down from 32% a year ago. Foreclosures sold at an average discount of 17% and short sales 16%, according to NAR.

New homes sales: 367,000, up 19.9% from 2011.

The median new home price was $243,600, up 7.2% from 2011.

30 year mortgage rate: 3.35% in December, down from 3.96% a year ago.

Sources: National Association of Realtors; Commerce Department; Freddie Mac