U.S. Home Prices Hit New High
According to ATTOM Data Solutions and it’s 2nd Quarter U.S. Homes Sales Report for 2016, the median price of single family homes and condo’s hit $231,000 for June 2016. This is up a 6% from the previous month and up 9% from a year ago, which is now at an all time high. The real estate market is now 1% high than the previous peak in July 2005.
June was the 52nd consecutive month where median home prices increased year over year. The report look at 130 metropolitan areas and 30 percent reached that all time home price peak in June. Included in this group are Atlanta ($192,000), Seattle ($385,000), Dallas ($240,156), and St Louis ($190,209). These high prices in part are being fueled by ultra low mortgages, which are falling again this year.
Senior Vice President Daren Blomquist said in a press release that “some of the most interest rate sensitive local markets will see home prices appreciation knocked down when the low rate rug is finally pulled out from under the housing recovery. We are seeing signs of weakening appreciation in many bellwether markets already in spite of the rock-bottom rates.”
Metro areas with the biggest year-over-year increase in median home price in June were Salisbury, Md. (up 22 percent); Pensacola, Fla. (up 21 percent); Tampa, Fla. (up 20 percent); St. Louis (up 19 percent); Boulder, Colo. (up 19 percent); and Flint, Mich. (up 18 percent).
There were 16 metro areas where median home prices declined from a year ago in June, including Bridgeport, Conn. (down 6 percent); Allentown, Pa. (down 4 percent); Columbus, Ohio (down 3 percent); Houston (down 2 percent); and Milwaukee (down 1 percent).
Home sellers in June 2016 sold for an average of $41,000 more than they purchased for, a 22 percent gain in price on average — the highest average price gain for home sellers since September 2007. Metro areas with the largest average price gains in June 20167 are San Francisco, San Jose, Calif, Fort Collins, Colo., Salinas, Calif., and Santa Rosa Calif.
Attom Data Solutions is a leading provider of property data and the owner of RealtyTrac.com