Home Sales Report Archives

What You Need To Know About Home Prices

Whether you’re looking to buy a home or you’re ready to sell one, home prices are likely a topic of great interest to you. For this reason, a couple of new reports deserve a closer look. First, ATTOM Data Solutions just released their U.S. Home Sales Report for the third quarter. Among the results, the data shows that the median home price has now surpassed its pre-recession peak and is at an all-time high. In fact, the median price in the third quarter hit $230,000 – which is 1 percent higher than its previous peak of $227,000 in 2005. But though that sounds like bad news for buyers, there may be more to the story. That’s because another recent report shows that – though home prices continue to rise – so does the number of price reductions. That means, more sellers are adjusting their price after originally listing their house. Whether that’s because they just priced it too high to begin with or are in markets where prices may have peaked is debatable. However, 70 of the largest 100 metropolitan areas saw an increase in price reductions. Of course, home price trends can vary from one location to the next. For example, ATTOM’s chief economist, Darren Blomquist, points out that, while prices have hit new peaks in some markets, there are also still markets where there are a high number of distressed properties and opportunities for buyers looking for a bargain. More here.

Home Sellers See Big Gains On Purchase Price

In 2015, the average home seller was able to sell their house for $20,378 more than they paid for it, according to new numbers from RealtyTrac’s Year-End U.S. Home Sales Report. That represents an 11 percent increase and the largest average price gain since 2007. Daren Blomquist, vice president at RealtyTrac, says homeowners can once again count on real estate to be a good investment. “With some local market exceptions, the 2015 home sales data paints the picture of a properly functioning U.S. housing market where homeowners can once again count on real estate as an appreciating asset – a long-touted axiom soundly debunked as ironclad truth between 2008 and 2013,” Blomquist said. “This return to consistent home price gains for sellers should reinforce confidence in real estate in 2016 and produce another year of solid sales volume as homeowners cash out their equity gains.” But the news should be encouraging, not just to move-up buyers looking to capitalize on their home’s rising value, but to anyone considering buying a home in the near future. Because the improvement marks two consecutive years of steady price gains – following six where the average home seller saw losses – prospective buyers can feel more confident that their home purchase will be a sound financial decision. More here.

Average Seller Sees 17% Gain On Purchase Price

New estimates from RealtyTrac show that the average homeowner who sold during the third quarter of this year saw a price gain of $40,658 over the amount they paid for their home. That’s a 17 percent improvement and the highest average price gain for home sellers in eight years. According to the Q3 2015 U.S. Home Sales Report, third-quarter home sellers owned their home for an average of 6.72 years before selling. Daren Blomquist, RealtyTrac’s vice president, says the gains may be the result of homeowners who have waited to sell while home prices recovered over the past few years. “An increasing number of homeowners in 2015 have been cashing out the home equity they’ve gained during the housing recovery of the past three years,” Blomquist said. “That may be a good decision because the data points to a plateauing market going forward.” In fact, the report shows that home prices are up just 2.4 percent from the previous year, with an average sale price for single-family homes and condos reaching $263,976 during the quarter. That’s the slowest year-over-year improvement since the first quarter of 2012. More here.