Median Home Sales Price Analysis Is Not Wildly Significant


Median Home Sales Price Analysis Is Not Wildly Significant
By Scott Rogers • June 11, 2008
In my June 2008 home sales report, I noted that the median sales price of single family homes and townhomes in Harrisonburg and Rockingham County had declined by 3.13% between May 2007 and May 2008. I was a bit surprised to see this, as home values still seem to be increasing in this area. So....I thought I'd take a closer look at median sales price trends....and here's what I found.... This graph charts the median home sales price on a quarter by quarter basis for the past 25 quarters (6.25 years). The data points of the median home sales price are in gray, connected by the green line. You'll see that the median home sales price goes down (quarter to quarter) almost as often as it goes up. We could, thus, conclude that either: home sales prices (and home values) are almost as likely to go down in any given quarter as they are to go up we don't have a large enough number of home sales in this area to make this type of analysis statistically significantly I lean towards the second conclusion, as I don't think there was a single quarter in 2003 or 2004 when home values decreased, despite the fact that the data would suggest that they did. The red trend line may give us a better indication of the changes in home values over time --- though suggesting that significant trend data could rise out of insignificant source data is probably a stretch. Click on the graph to take a closer look. Receive Updates by Email Recent Articles: Ho, Ho, Ho, Is Santa Bringing Lower Mortgage Interest Rates For Christmas? OK, False Alarm, Most Homes Are Still Selling Very Quickly How Quickly Are Homes Selling These Days? Middleburg at Stone Spring, To Include Up To 500 Apartments, Proposed Adjacent To The Reserve At Stoneport A Rough Two Years For Rising Mortgage Interest Rates Home Buying Activity Will Slow But Not Stop Over The Winter Demand Is Likely To Keep On Rising For Contractors And Home Renovators Update On City Of Harrisonburg Townhouse Market Trying To Buy A Home... A Story Of Being All In, Then Bowing Out, And Now Being Ready To Jump In Again Sometimes Upgrade Your Home (Selling And Buying) Results In An Even Larger Upgrade In Your Monthly Payment
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Dec 11, 2023 (unless otherwise noted).
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