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Home prices continue to rise, but more slowly

homesqueeze(1)Median home prices across the country continued to appreciate during the past second quarter, although home-price increases decelerated to their slowest pace in two years, according to Attom Data Solutions. On a year-over-year basis, home prices have increased for 25 consecutive quarters, Attom reported.

Those details were from the preliminary findings of a report on the full second-quarter 2018 U.S. home-sales that Attom plans to release Thursday, July 26.

The home-sales report studied 122 metro areas throughout the nation. In 65 percent of these metro areas, median home prices during the past second quarter were above their pre-recession peaks, meaning these markets have more than recovered the values they lost during the last economic downturn. Additionally, the 65 percent of markets in which home prices have exceeded pre-recession heights is up from 54 percent in first-quarter 2018.

Home sellers continue to benefit from the current market conditions as an average seller in second-quarter 2018 gained $58,000 in equity compared to when they purchase their home. That’s the highest average gain for home sellers in nearly 11 years, Attom reported. 

Gains in equity may be partially due to longer homeownership tenures as people are generally staying in their homes longer. Those who sold their homes during the past second quarter had an average ownership period of 8.09 years, the highest average tenure since Attom Data Solutions began compiling this data in 2000.

The home-sales report also delved specifically into high-priced homes valued above $1 million. The report found that price appreciation based on the median price per square foot accelerated for a large share of homes in this price range. Attom found 49 counties nationwide in which at least 100 home sales of more than $1 million occurred during the past second quarter. In 65 percent of these counties, the median price per square foot accelerated for homes valued above $1 million. 


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