The results are in for Realtor.com®’s Quarterly Turnaround Towns Report for the third quarter of 2013 – and they’re positive across the board. This article on Move.com analyzes the results and gives us insight into what they mean for the future of the housing market.
Nationally, the number of houses for sale on any given day dropped 3.3% from last year. Additionally, houses spent 17.7% less time on the market compared to the third quarter of 2012, with the average house spending only 84 days for sale this quarter. Another big difference from 2012 to 2013 is the median list prices, which rose 7.6% nationwide, weighing in at a $199,128 average.
Something that thoroughly surprised everyone was the steady rise in housing sales and prices in cities that have generally been unaffected by the highs and lows of the market. Cities like Ann Arbor, Dallas and Boston have all shown consistent improvements, a sign that the housing market as a whole is moving more towards a stable balance.
President of Realtor.com, Errol Samuelson, noted, “We’re noticing a clear split between markets that have experienced major highs and lows in recent years, and those that have proved more resilient, with the recent moderation in some of the more volatile markets, the subtler acceleration activity becomes more visible.”
Our beloved Detroit ranked in at the #1 Turnaround Town this quarter, jumping up 6 spots from this past summer. See what Move.com had to say about Detroit’s impression improvements below.
“Once the poster child for America’s ailing auto industry, Detroit has turned around its housing markets. Instead of sinking when the city of Detroit had just filed for bankruptcy, its housing markets took on a quiet resurgence. Last quarter it ranked 7th in the report, and this rapid jump to number one speaks volumes about its pace of acceleration.
With the end of the buying season, prices in Detroit slowed in the third quarter, falling 4.8 % from the previous quarter but 44.3 % above the third quarter of 2012. Equally important is Detroit’s success at trimming its for-sale inventory and the age of its inventory, down 24.5 % and 33.9 % respectively, year over year.”
Are you surprised by the good news, or have you noticed positive changes in the housing market in your community? Share your opinion with us in a comment below!
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