Articles

Home Prices on the Rise,
As Well as Home Appreciation

 

In housing news, New Home Sales, which measures signed contracts on new homes, were down 8.6% in March to a 763,000 annualized pace, which was in line with expectations. The report is stronger than it appears as there was an 8% positive revision to the previous month. When factoring that in, sales are only down 1% from the initially reported number.

 

The median home price came in at $436,700 which is up 21% year over year and points to an increase in higher priced homes sold. The average priced home came in at $523,900, which is up 26% from last year.

 

There were 407,000 homes for sale at the end of March, which is up 33% from last year. There is a 6.3 month's supply, but when you factor in the homes you can move into today, it's about half a month.

 

The National Case-Shiller Home Price Index, which is considered the "gold standard" for appreciation, showed home prices rose 1.7% in February and 19.8% year over year, which is an increase from 19.2% previously. 

 

The top three performing cities were:

Phoenix 33%

Tampa 33%

Miami 30%