U.S. Home Prices On the Rise in Most Cities
That’s according to third quarter data recently discussed in a Bloomberg article.
Experts are saying that the increase is directly attributed to buyers competing for limited inventories as well as a decrease in available foreclosed properties.
Listing Your Home on the Market
But the good news didn’t stop there for those home owners thinking about selling.
Here’s what else was revealed in the recent Bloomberg article:
- The median transaction price showed year-over-year gains in 144 of 163 metropolitan areas measured, according to the National Association of Realtors
- A third of those metropolitan areas had double-digit increases in median transaction price.
- The U.S. housing market had five months of inventory in the third quarter, down from 5.9 months a year earlier
- Completed foreclosures in September dropped a whopping 39 percent from a year earlier.
- Some cities are seeing near record price gains, including San Francisco and San Jose.
- The nationwide median price for an existing single-family home increased 12.5 percent in the third quarter year-over-year.
- Specifically, the nationwide median price is now $207,300.
- Those areas that saw the greatest price increases were Sacramento and Atlanta, which both saw increases of 41.8 percent.
- Las Vegas and Punta Gorda, Florida had the next largest year-over-year price gains with 31.9 percent.
- Other cities with large increases included Los Angeles (26.2 percent) and Phoenix (25 percent).
- Those areas with the biggest price declines were all in Illinois. Peoria had the steepest drop with 13.9 percent, followed by Kankakee (down 9.9 percent) and Rockford (down 8.4 percent).
- Meanwhile, the average mortgage rate for 30-year fixed loans was 4.1 percent.
- That figure is up from a near-record low of 3.35 percent in early May
- Meanwhile purchase contracts for exisiting homes dropped the most in more than three years in September.
- During the third quarter, San Jose had the highest median home price with $805,000.
- Rounding out the top three list was San Francisco (at $705,000) and Honolulu ($679,800.)
- Meanwhile, those cities with the most affordable median home prices were Toledo, Ohio ($87,500), Rockford ($88,900) and Decatur, Illinois ($91,000).
This data suggests that the market is rebounding in a big way, giving home sellers an opportunity to get the price they want for their home.
National Data You Can Use!
Please be sure to check back here soon for updates on the state of the national housing market, and how it may affect your neck of the woods.
And if you have any specific questions as a home seller, make sure to contact us for expert advice and useful resources.