The median price of single-family homes and condos sold during the third quarter increased 2.9 percent from the previous quarter and 8.3 percent from a year ago, according to ATTOM Data Solutions’ Q3 2019 U.S. Home Sales Report.
The $270,000 median price during the third quarter was a new high, according to ATTOM, and homeowners who sold during that period earned a median profit that was post-recession high of 34.5 percent, up from 34.4 percent in the previous quarter and 34.3 percent one year ago.
“The seven-year U.S. housing boom is back in high gear,” ATTOM Chief Product Officer Todd Teta said in a release. “After a series of relatively small price increase quarters, home prices saw quite the uptick, seller profits rose and the problem of distressed sales continued to fade, helping to make the third quarter the strongest in four years.
“That all happened as mortgage rates sank back to near-historic lows, which clearly powered the market upward along with stock market surges and a continued strong economy,” Teta added. “There had been signs before the latest surge of a cooling market, but they seem to have diminished, at least for now.”
According to the report, third-quarter median home prices increased year-over-year in 148 of the 155 metro areas ATTOM analyzed, including in Lansing, Mich. (25.1 percent); Green Bay, Wis.(18.1 percent); Johnson City, Tenn.(16.7 percent); Hickory-Lenoir-Morganton, N.C. (13.7 percent ) and in Spokane, Wash. (13.5 percent ).
The metro areas with the greatest annual home price appreciation in the third quarter were Philadelphia (12.3 percent); Jacksonville, Fla. (10.8 percent); Detroit (10.6 percent increase); Salt Lake City (9.8 percent) and Milwaukee (9.8 percent).
Median home prices during the third quarter were above pre-recession peaks in four out of five metro areas analyzed, including Kennewick, Wash. (99 percent); Greeley, Colo. (89 percent); Shreveport, La. (84 percent); Denver (79 percent) and Nashville, Tenn. (75 percent above).
Homeowners who sold in the third quarter realized an average home price gain since purchase of $68,686, up from an average gain of $66,995 in the second quarter and up from an average gain of $63,750 one year ago.