Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Reportfrom the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic,in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.
CoreLogicbroke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each one’s growth from July 2016 to July 2017(the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.
If you are planning on listing your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range.
Author:Paula Cook Phone: 256-998-8713 Dated: October 2nd 2017 Views: 192 About Paula: With over 14 years experience in the Real Estate industry, I have experience in lending, property ma...
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