Existing Home Sales End 2018 Down 3.7%, Prices Up

Sales of existing single-family homes in Leon county decreased 11.2% when compared to numbers sold in the same month one year ago. There were 223 single-family home resales in December 2017 and 198 resales in December 2018. Last month there were 183 existing single-family homes sold.

The average sales price in December 2018 increased 8.0% to $263,725 from $244,095 one year ago.

Annual trends show that single-family home sales decreased to an annual rate of 3,059 in December, down from the 3,128 reported last month. The annual rate of sales is now 3.7% below the annual rate of 3,175 reported a year ago.

The National Association of Realtors reported that single-family home sales sit at a seasonally adjusted annual rate of 4.45 million in December, down from 4.71 million in November, and 10.1 percent below the 4.95 million sales pace from a year ago. The median existing single-family home price was $255,200 in December, up 2.9 percent from December 2017.

Existing-home sales in the South dropped 5.4 percent to an annual rate of 2.09 million in December, down 8.7 percent from last year. The median price in the South was $224,300, up 2.5 percent from a year ago.

Lawrence Yun, NAR’s chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. “The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.”

The chart below shows the annual rate of single family sales in Leon county over the last 24 months.

The average price of homes sold over the last twelve months in Leon county was $261,066. This is 9.0% above the $239,435 sales price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

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