May 2012 Housing Statistics Compared to May 2011:
- The number of homes sold in May increased year over year by 16.1%, from 5,253 last year to 6,101 in 2012. This marks the fifth consecutive month of double-digit gains compared to the previous year.
- For the first time in 2012, homes sold at a quicker pace year over year, moving from an average of 139 days to 135 days.
- Average selling price rose again last month compared to the previous year, climbing 8.4% from $140,191 to $151,920.
- Year over year median prices outpaced average prices again in May – climbing more than 10% -- from $115,000 in May 2011 to $126,900 in May 2012.
Missouri’s real estate market experienced its fourth consecutive month of year over year median price gains and a sustained increase in home sales. Homes are also selling at a quicker pace, which is good news for both buyers and sellers.
Month-to-Month Comparison, From April 2012 to May 2012:
- The number of homes sold in May jumped 18.7% compared to April, moving from 5,139 to 6,101.
- May saw homes sell at their quickest pace yet for the year, sitting on the market 12 fewer days than the previous month.
- Average home prices rose an encouraging 4.7% last month, from $145,110 in April to $151,920 in May.
- The median selling price in May gained 5.8% over April, moving from $120,000 to $126,900.
According to newly released figures from HUD and the U.S. Census Bureau, single-family housing production increased for a third consecutive month and builders pulled more permits for both single and multi-family construction in May. The data also reveals that the seasonally-adjusted annual rate of single-family housing starts rose 3.2 percent, the best pace since December 2011. Regionally, the Midwest reported a 6.1% increase in new building permits.
While home prices are on the rise, factors continue to be in favor of the buyer, as well. Mortgage interest rates continue to drop. According to Freddie Mac, the national average commitment rate for a 30-year fixed rate conventional mortgage fell from 3.91% in April to 3.80% in May.
The home-buying season is in full swing across the country and homebuyers continue to have the opportunity to take advantage of record breaking buying power. Missouri statistics for May, 2012 continue to illustrate a promising outlook for the real estate market here in Missouri.
Founded in 1936, the Missouri Association of REALTORS® is the second largest trade association in the state with more than 18,000 members. Missouri REALTORS® unite to advocate for real property rights in Missouri, deliver comprehensive risk management programs and services, connect members through various media and events, and deliver association management services. For more information, go to: MissouriRealtor.org