{"id":15611,"date":"2013-08-05T03:45:20","date_gmt":"2013-08-05T10:45:20","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=15611"},"modified":"2013-08-05T03:45:20","modified_gmt":"2013-08-05T10:45:20","slug":"state-of-the-real-estate-market-august-2013","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/state-of-the-real-estate-market-august-2013\/","title":{"rendered":"State of the Real Estate Market August 2013: Coming to Equilibrium"},"content":{"rendered":"

According to Movoto Real Estate<\/a>\u2019s State of the Real Estate Market report, the median cost per square foot for a home increased by 14.9 percent in July 2013 compared to July 2012, while inventory dropped by almost 16 percent year-over-year. At the same time, the median list price per square foot on a month-over-month basis held steady, while the number of homes for sale increased.
\nThe fact that the list price has not increased on a month-over-month basis indicates that the inventory supply is starting to catch up with demand. Going forward, we expect prices to continue to move laterally on a month-over-month basis. Higher mortgage rates and increased inventory will keep prices from increasing at the same pace we saw in the first half of the year.
\nRight now, the real estate market is mixed. Sellers should consider listing their homes to take advantage of the increased price per square foot. Home buyers, on the other hand, should keep their eyes on the monthly change in list price per square foot. For the first time this year, the price did not increase, which could be a sign that the market is loosening and their buying power could increase.<\/p>\n

Data Set<\/h2>\n

Movoto\u2019s State of the Real Estate Market is broken down into two sections. We examine the overall list price per square foot and the inventory level across 38 geographically diverse cities. Each of these sections are further broken down for an analysis of data on month-over-month and year-over-year basis. Data used to compile the report is taken directly from the each city\u2019s Multiple Listing Service.<\/p>\n

Price \u2013 Year Over Year<\/h2>\n

Overall, the median list price per square foot increased in 36 of the 38 cities we track, rising 14.9 percent compared to the same time last year. In July 2012, the median list price per square foot sat at $157; this increased to $181 at the end of last month.
\nThe three cities that saw the biggest jump in price were:<\/p>\n