The ATTOM Data Solutions’ recently released Q3 2019 Home Sales Report cited that U.S. median home prices have reached a new high. According to the report, single-family homes and condos sold for a median price of $270,000 in Q3 2019, up 2.9 percent from Q2 2019 and up 8.3 percent from Q3 2018.
The report also noted that homeowners who sold in Q3 2019 earned a median profit that ticked up to a post-recession high of 34.5 percent, up from 34.4 percent last quarter and 34.3 percent from a year ago.
Homeowners who sold in Q3 2019 realized an average home price gain since purchase of $68,686, up from an average gain of $66,995 from last quarter and up from an average gain of $63,750 a year ago. The average home seller gain of $68,686 in the third quarter represented an average 34.5 percent return as a percentage of original purchase price.
Where are the areas seeing the highest seller gains?
Among the 164 metro areas analyzed in the report, those with the highest average home seller returns in the third quarter were San Jose, CA (82.2 percent); San Francisco, CA (72.0 percent); Seattle, WA (64.9 percent); Salem, OR (60.6 percent) and Salt Lake City, UT (59.6 percent).
Rounding out the top 10 major metros with the highest seller returns in Q3 2019 are Spokane-Spokane Valley, WA (59.5 percent); Santa Rosa, CA (57.7 percent); Ogden-Clearfield, UT (56.9 percent); Boise City, ID (56.8 percent) and Bremerton-Silverdale, WA (56.6 percent).
How long are homeowners staying put?
ATTOM’s Q3 2019 home sales analysis also reported the average amount of time homeowners stayed in their homes before selling rose to a new high of 8.19 years in Q3 2019 – more than twice what it was during the last real estate boom in the early- and mid-2000s. The latest tenure figure was up from 7.97 years in the second quarter of 2019 and 7.94 years in Q3 2018. Among 108 metro areas analyzed in the report, 61 percent increased annually and 39 percent decreased annually.
Among the major metro areas with a population of at least 1 million, the longest average homeownership tenures were in Hartford, CT (12.43 years); San Jose, CA (10.92 years); Providence, RI (10.75 years); San Francisco, CA (10.67 years) and Boston, MA (10.60 years).
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