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Home price appreciation slows

By Judy Martel · Bankrate.com
Thursday, December 27, 2012
Posted: 6 am ET

The national median home listing price dropped to $189,900 in November, the level it was a year ago, according to the latest data from Realtor.com covering 146 markets. But regionally, some areas of the country are steadily improving.

Listing prices in the South and West continue to outpace the Midwest and Northeast. California leads the states, with the most markets in the top 10 for year-over-year listing price increases. Sacramento is No. 1, with a 35.29 percent increase. It also tops the list of markets with the largest year-over-year reduction in inventory at -64.96 percent.

Nationally, total for-sale inventory of single family homes, condos, town homes and co-ops fell to 1.674 million units in November, the lowest point since 2007. Compared to a year ago, it's down 16.87 percent and more than 45 percent below its peak of 3.1 million units in September 2007.

What this means for the continued housing recovery is uncertain, since home sales depend on a variety of factors and many areas of the country are seeing an impressive uptick in sales. Typically, sales slow down at the end of the year and pick up again in the spring. A slowdown in price appreciation may also help keep the recovery on a more even keel.

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