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Realtor.com: List Price Reaches Record $300K

Monday, June 3, 2019   /   by The Workman Team

Realtor.com: List Price Reaches Record $300K

According to data newly published by realtor.com®, the median national price has reached $300,000, climbing 7 percent year-over-year.

The increase is potentially a precursor to other price records, says Danielle Hale, chief economist at realtor.com.

“The typical U.S. home list price has set a new high right on the cusp of the spring home-buying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year,” Hale says.

According to the S&P CoreLogic/Case-Shiller National Index, which assesses the largest markets, last March’s prices had risen 6.5 percent year-over-year. In January of this year, they had risen 4.3 percent.

Expanding high-end inventory is keeping momentum from outright stalling. In the past year, the amount of for-sale homes in the $750,000-plus range has risen 11 percent, according to realtor.com’s report. The amount of listings on the other side of the spectrum, in the $200,000 and under tier, has tumbled 9 percent.

For first-time homebuyers, the deficit at the entry level is troubling, but how much so remains to be seen this spring. According to RISMedia’s 2019 Power Broker Report & Survey, first-timers are the No. 1 opportunity for Power Brokers, and their challenges—affordability, namely—were perceived as a problem by just 3 percent of respondents to the survey.

Inventory overall has sprung up 4 percent, with 56,000 fresh listings in March, according to realtor.com’s report. The biggest jumps were in San Francisco and San Jose, Calif., and Seattle, Wash.

“Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions,” says Hale.

Given the hyperlocal nuances in real estate, circumstances will dictate outcomes this spring, less so than the national trend, Hale points out.

“A buyer’s experience will vary notably depending on the market and price point they’re targeting,” she says. 

For more information, please visit www.realtor.com 

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of June 24, 2024. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2024 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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