The Median Sales Price of Single Family Homes Has Risen 2 Percent in 2018

The housing market is hot, right? Home values are rising quickly, right?

Well, sort of, but maybe it's not exactly like that.

As shown above -- over the past three years (between 2014 and 2017) the median sales price of single family homes has increased by 5%, 7% and then 5%.  But during 2018 the median sales price has only increased 2% as compared to 2017.  The increases in single family home sales prices seems to be slowing in 2018.

If you thought home values had risen much more than 2% over the past year, it may partly be a result of the overall residential sales price having increased 8.42% over the past year (read more here) but that is mostly a result of a change in WHAT is selling (more single family homes) as opposed to a change in the prices for which those properties are selling.

So -- if you could have sold your home for $300K last year, perhaps you can sell it for $306K this year (+2%) and you probably can't sell it for $324K this year (+8%).