Home Sales & Prices Going Up
Good news – Home sales are up! The other side of that is; Prices are Up!
The most-recent report released by The National Association of REALTORS® tells us that 5.62 million homes were sold in the first quarter of 2017. Also in the report, the national median home price is up 6.9% from last year’s report. Demand is strong as mortgage rates are still relatively low and inventory is short.
Across the country, here are the highest of the highs and the lowest of the lows with regards to median home price:
Cumberland, Maryland – Up 21.4%
Vero Beach, Florida – Up 18.2%
Ocala, Florida – Up 17.6%
Elmira, New York – Down 14.5%
Binghamton, New York – Down 14%
Atlantic City, New Jersey – Down 9.1%
6 out of the top ten cities with the biggest increase in sale price are in Florida. 4 out of 10 of the negative growth areas are in New York and New Jersey.
Data provided by Wall Street Journal and National Association of REALTORS®
The housing market in Park Ridge, Illinois is robust. Prices are trending upwards and homes are selling in about 90 days. The general feeling and consensus at the office is that home sales in our area will continue to rise and we will have multiple offer situations for homes in and around the PArk Ridge area.
If I can help you, please feel free to contact me.
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