Data from the National Association of Realtors demonstrated the best year-over-year increase in median prices in seven years during the fourth quarter of 2012. Median prices increased in 133 of 152 surveyed metro areas.
The industry association reported a 5 percent increase to $115,000 in the Memphis metropolitan statistical area. While still a promising sign, that figure was below the national increase of 10 percent.
“Home sales are on a sustained up trend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” Lawrence Yun, chief economist for the NAR, said in a release. “Home sales are being fueled by a pent-up demand and job creation, along with still-favorable affordability conditions and rents rising at faster rates.”
The trend is one that appears to have carried over into 2013, at least in Memphis.
Local Realtors sold 46 percent more homes in January than a year ago, according to the Memphis Area Association of Realtors. That performance was highlighted by a significant increase in existing sales.
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