Every once in a while it’s useful for the adults who bear responsibility for such matters to renew their sense of how the current housing market has been faring. After all, when the average American adult spends about a quarter of their hard-earned income on housing-related expenses, it pays to keep an eye on what’s been going on in that quarter.

But it’s also true that simply listing the latest data doesn’t result in much more than wandering attention (and glazed eyeballs). On the other hand, presenting a snap quiz of the same data turns out to be much more memorable. In pursuit of that end, here is this year’s multiple-choice quiz (no peeking at the bottom, please):

1.      How many existing homes were sold last year?

a.       21.95 million

b.      2.95 million

c.       5.95 million

d.      9.95 million

2.      For what fraction of buyers was this their first home?

a.       1/10

b.      1/6

c.       ¼

d.      ½

3.      More than half of last year’s homebuyers found their new homes through:

a.       Magazine and newspaper ads

b.      Yard or Open House signs

c.       The web

d.      Word of mouth

4.      As a ‘this-or-that’ preference, the average U.S. buyer would choose:

a.       Shorter commute time over a larger yard

b.      Quality of neighborhood over the size of the home

c.       Both of the above.

d.      Neither of the above.

5.      How long did it typically take for a home to sell last year?

a.       10 days

b.      15 days

c.       25 days

d.      1 ½ months

6.      The median price paid for a typical ‘For Sale by Owner’ home vs. an agent-assisted sale was:

a.       $180,000 vs. $120,000

b.      $200,000 vs. $250,000

c.       $225,000 vs. $348,000

d.      There was no significant difference.

Of course, that last question is something that Realtors^® love to point out…especially since c. is the correct answer to all six questions. For many more St. Cloud real estate answers, call me anytime! 

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