Weekly Special | October 22, 2017

Existing Home Prices Reach 9 Year High

Home prices and home values continue to push higher as the median existing home sales price is now the same in 2017 as it was for all of 2008.

The median existing home (meaning no new construction) in 2008 was 1,488 square feet and sold for $175,000 ($120 per square foot).

Thus far in 2017, the median existing home, also selling for $175,000, is 3% larger at 1,553 square feet ($113 per square foot).

This means that buyers today are getting more house for the money than they were in 2008, but the gap between the two years is closing.

If we calculate appreciation by comparing the median value this year today with median value from all last year, we note an increase of 5.6%. Of course, with more than two months remaining in the year, the median value is going to move higher (so expect this year’s median appreciation rate to be near 7%).

There is no end in sight to rising values, as inventory continues to decline while demand is stable or growing.

This issue went with a longer report on our blog: read the full blog post. The original one-page Weekly Special PDF is still available.