Home values have risen dramatically over the last twelve months. The latestÂ Existing Home Sales Report from theÂ National Association of RealtorsÂ puts the annual increase in the median existing-home price at 5.6%.Â CoreLogic, in their most recentÂ Home Price Index Report,Â revealed that national home prices have increased by 6.7% year-over-year.
CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each oneâ€™s growth from July 2016 to July 2017 (the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.
If you are planning on listing your home for sale in todayâ€™s market, letâ€™s get together to go over exactly whatâ€™s going on in your area and your price range.
Source: Keeping Current Matters