Are national home prices up for the 8th consecutive year?


Are national home prices up for the 8th consecutive year?
By Scott Rogers • December 6, 2012
I received several e-mails last night from clients who were a bit confused by the story WHSV ran yesterday about the housing market. Here are some clarifications.... "National home prices are up for the eighth consecutive year." Actually, prices are up for the eighth consecutive month, as measured on a year-over-year basis. An improvement for eight straight months is quite different than eight straight years. (source) "The homes that are selling the quickest are actually homes priced between $200,000 and $250,000." Average days on market is actually lowest for homes priced under $200K, not for those priced between $200K and $300K. (source - page 26) "Bridgewater, Dayton, southwest Rockingham county area. That's where we've had the most significant price increase. Prices have increased 12 percent in that area this year." Per my calculations, it's actually a 3.6% increase, not a 12% increase. The Median Sales Price for Single Family Homes in SouthWest Rockingham County in 2011 was $205,000. The Median Sales Price for Single Family Homes in SouthWest Rockingham County in 2012 (YTD) is $212,500. I agree with the overall sentiment of the news story --- the local housing market is improving --- but there were a few items in the story that ended up being misleading (presumably, unintentionally). Here's to improvements in national (and local) housing prices for the next eight years! :) 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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