Median Home Price Reaches New Peak
The national median home price reached $231,000 in June, marking an all-time high, according to new data from ATTOM Data Solutions (formerly RealtyTrac).
June’s median home price was one percent above the $228,000 peak set in July 2005. It was also up six percent from May, up nine percent from June 2015 and that 52nd consecutive month when median home prices increased on a year-over-year basis. Thirty-nine metro areas out of the 130 analyzed or this report also recorded all-time high home prices, including Seattle ($385,000), Dallas ($240,156) and Minneapolis ($235,950).
June also so distressed sales fall to their lowest level since the third quarter of 2007 (14.8 percent of all single-family homes and condos) and cash sales drop to lowest level since the fourth quarter of 2007 (27.5 percent).
“The all-time home price highs nationwide and in many local markets are being enabled by historically low mortgage rates—which are falling once again this year,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “It is likely that some of the most interest rate sensitive local markets will see home price 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.”
Indeed, 16 metro areas saw year-over-year declines in median home prices, most notably in Bridgeport, Conn. (down six percent), Allentown, Pa., (down four percent), Columbus, Ohio (down three percent), Houston (down two percent), and Milwaukee (down one percent). Annual home price appreciation in June slowed compared to a year ago in 189 counties out of 349 counties (54 percent) analyzed by ATTOM Data Solutions.