By Steve Cook
More than 11 percent of homes sold over the past 12 months had a sales price over $500,000, sales growth was highest among homes in above-median-priced categories not entry level starter homes according to a new analysis by an economist at the National Association of Realtors.
In spite of the price variation by region, when summed to the regional level the median sales price for all regions of the U.S. except the West falls into the $100,000 to $250,000 price range. The median price is the point at which the middle-priced home sold. By definition, half of homes in an area sold at a higher price and half of homes sold at a lower price than the median, according to Danielle Hale, a research economist at NAR.
Roughly a fifth of homes sold for less than $100,000 a year ago and that share shrank in September 2013 to 17.4 percent. One year ago, homes sold at $500,000 or more were roughly 10 percent of the market; they now comprise more than 11 percent of recently sold homes, Hale wrote in a post on NAR’s site.
Continue Reading 1 2
Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com