Real Estate News And Analytics US Median Home Prices Reach New High in Q3 2019 by Sylvia Shalhout October 24, 2019October 24, 2019 Sylvia Shalhout October 24, 2019October 24, 2019 What real estate slowdown? Median home prices in the US housing market rose by over 8% in the third quarter of 2019. Report: Rise in US Median Home Prices ATTOM Data Solutions shared its Q3 2019 US Home Sales Report which revealed that single-family homes and condos had a median sales price of $270,000. This is an increase of 2.9% from Q2 2019 and an increase of 8.3% from the same time last year. With this new high, property sellers also saw an increase in gains. Those who sold their homes in Q3 earned a median profit of 34.5%, reaching a post-recession peak. This was an increase from Q2 2019, which saw a median profit of 34.4% and an increase from the same time last year (34.3% profit). The average dollar gains were $68,686, up from $66,995 in Q2 2019 and $63,750 the same time last year. Metros where property sellers saw the largest returns include: San Jose, CA (82.2%) San Francisco, CA (72.0%) Seattle, WA (64.9%) Salem, OR (60.6%) Salt Lake City, UT (59.6%) Todd Teta, Chief Product Officer at ATTOM Data Solutions, commented on this renewed housing boom: The seven-year U.S. housing boom is back in high gear. 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. There had been signs before the latest surge of a cooling market, but they seem to have diminished, at least for now. As Teta mentioned, distressed sales (bank-owned sales, third-party foreclosure auction sales, and short sales) were down- another positive real estate market trend. These sales accounted for 10.5% of all single-family home and condo sales. In Q2, the number was at 11.3% and in Q3 2018, 11.6%. Home Prices Rose in 95% of Local Real Estate Markets In the 155 major metros analyzed in the Home Sales Report, 148 (or 95%) saw a year-over-year (YoY) increase in median home prices in Q3. Metro areas that saw the most annual home price appreciation include: Lansing, MI (25.1% increase) Green Bay, WI (18.1% increase) Johnson City, TN (16.7% increase) Hickory-Lenoir-Morganton, NC (13.7% increase) Spokane, WA (13.5% increase) Metro areas with a population over 1 million that saw a large increase in median home prices include: Philadelphia, PA (12.3% increase) Jacksonville, FL (10.8% increase) Detroit, MI (10.6% increase) Salt Lake City, UT (9.8% increase) Milwaukee, WI (9.8% increase) Related: 5 Best Cities for Real Estate Appreciation in 2020 Major metros that experienced a drop in annual median home prices include: Kansas City, MO-KS (9.4% decrease) San Jose, CA (3.3% decrease) Hartford, CT (0.3% decrease) The report also found that in 79% (122 out of 155) of the metro areas studied, median home prices were now above pre-recession highs. These include: Kennewick, WA (99% above) Greeley, CO (89% above) Shreveport, LA (84% above) Denver, CO (79% above) Nashville, TN (75% above) Dallas-Fort Worth, TX (73% above) Austin, TX (73% above) San Antonio, TX (62% above) Houston, TX (55% above) Oklahoma City, OK (52% above) Sign Up for Mashvisor Now to stay up to date on the US housing market. Start Your Investment Property Search! START FREE TRIAL Property Prices 0 FacebookTwitterGoogle +PinterestLinkedin Sylvia Shalhout Sylvia was the Content Marketing Manager at Mashvisor. As a real estate writer, she has been covering topics for the beginner and advanced real estate investor, helping them make smarter decisions as well as real estate agents looking to take their business to the next level. Related Posts US Home Prices Expected to Fall 6.6% by 2021 California Wildfires Exacerbate Housing Crisis Experts: The New York City Real Estate Market is Set for a Strong Comeback Airbnb Takes Legal Action Against a Guest for the 1st Time Fed Interest Rates Will Remain Steady Study: Property Values Increase in Cities That Legalize Marijuana US Home Prices to Hold Steady Despite Pandemic Bidding Wars Are Back in the US Housing Market Interest Rate Cut Again by a Quarter Point US Home Value Growth Is at 6-Year Low US Real Estate Market Data Shows COVID-19 Effect Existing Home Sales Drop to a 3-Year Low in the US Housing Market Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment.