Another record month in real estate. For the first time ever the median price of a US home peaked at $300,000 during March 2019. Generally homes are continuing there surge up comparing year to year prices.
Record Median Price US home sales to $300K
Jenna Herron of USA Today, reported on April 4, "The median asking price for a U.S. home hit $300,000 for the first time ever in March, according to housing data from Realtor.com to be released later Thursday and provided early to USA TODAY. That topped the previous peak of $299,000 reached in June and July of last year."
In the Phoenix Arizona metro area, we are at a $264,000 median price, lower than the National number. This median price includes single family detached homes as well as condos, town homes and patio homes. More on this follows.
Phoenix metro single family detached home
Prices still rising although at a slightly slower pace
Jenna further reported, "Year over year, the median list price increased 7% in March, slightly lower than the growth rate of 8% from the same month in 2018. Home prices continued to rise slowly in February.
Boost in Sales due to Lower Mortgage Rates
Mortgage rates reached a 13 month low in March providing a boost in home buyer purchasing power. Jenna reported, "Lower mortgage interest rates are expected to help boost home buying as the spring season kicks off. “In spite of the fact that some markets are slowing, we are hitting that level in March, which tends to not be the highest price during the year,” says Danielle Hale, chief economist at Realtor.com. “This suggests that we’ll see prices go above $300,000 this year.” The reason for the jump in list price isn’t necessarily because sellers are overly optimistic."
Higher Priced vs Lower Price Homes For Sale
Also on a National level, Jenna reported, "Instead, higher-priced homes tend to come onto the market in the spring, pushing up the overall median, and this year, more of these pricier homes are hitting the sales block. The number of houses priced above $750,000 jumped 11% from last year, while the supply of entry-level homes sunk by 9%."
Arizona Home Sales
Phoenix metro area median home prices continue to increase to about $264,000 (overall including condos and detached homes) and in excess of $290,000 for single family detached homes. This valley wide median price includes the less expensive homes in the perimeter cities as well as the more expensive homes in the central city including Scottsdale and Paradise Valley which skew the median prices higher. Local prices can vary for widely.
Catherine Reagor of the Arizona Republic, reported on March 3, 2019, "Buyers holding out until metro Phoenix home prices begin to plummet aren’t likely to become homeowners this year. Valley home prices are poised to most likely climb at a slower pace or possibly flatten out during 2019. But home values will not fall as they did during the real-estate bust of 2008-11, real-estate analysts predict, looking at the numbers and not crystal balls. None of the same issues such as subprime loans and rising foreclosures are happening now."
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