The median price of single-family homes in the U.S. has climbed to a record high, reaching $266,000 in the second quarter.
That’s up 10.8% from the previous quarter and up 6.4% from a year ago, according to the latest report from ATTOM Data Solutions.
Median home prices in 89% of the 149 metros analyzed in the report saw price appreciation gains in Q2, the report showed.
Those with the greatest increases were Atlantic City, New Jersey (up 16%); Boise City, Idaho (up 14%); Chattanooga, Tennessee (up 13.9%); Mobile, Alabama (up 11.2%); and Madison, Wisconsin (up 10.8%).
Moreover, 74% of the metros analyzed saw median home prices climb above their pre-recession peak.
“As warmer weather brings a rush of house hunters to the market, the latest spike in median home prices marked the largest quarterly increase since the second quarter of 2015 and the third biggest increase since the market started climbing out of the Great Recession in 2012,” said Todd Teta, ATTOM’s chief product officer.
But Teta said he expects prices to slow down in the second half of the year.
“In looking at historical trends, the second quarter of every year has always shown a quarterly increase, going as far back as 2005,” Teta noted. “So, with mortgage rates dipping to new lows, it’s no surprise that people were wanting to buy a home, even if prices were at their peak. We expect to see milder home prices in the coming quarters.”
Here is a chart from ATTOM illustrating just how far the median home price has climbed (click to enlarge):
Published at Thu, 18 Jul 2019 04:01:00 +0000