Roughly 40% of existing homes sold in the US are sold in the South

Roughly 40% of existing homes sold in the US are sold in the South

On May 23, 2013, in Did You Know,         

Courtesy of NAR by Danielle Hale, Research Economist

• April home sales data show that about 40 percent of all existing homes in the US are sold in the South. At the current seasonally adjusted sales rate, that’s more than 2 million a year.
• For decades, the South has had the largest number of housing units and owner-occupied housing units. As the South’s share of population has increased over the last decade, so too has its contribution to home sales nationally.
• While all regions showed year over year sales growth in the data released today, the South showed the strongest growth at around 15% which helped boost national sales growth to nearly 10 percent above one year ago.
• By price, the South is the 3^rd most expensive compared to other regions with an April 2013 median price of $168,700. From one year ago, the median price of homes sold in the South has jumped more than 10 percent, but affordability remains high. According to March data, the median income family earns nearly twice what is needed to qualify to purchase the median priced home[1].
• The South can be broken down further into 3 Census divisions which include the South Atlantic, East South Central, and West South Central.