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US Median Home Price Reaches New All-Time High in June

US Median Home Price Reaches New All-Time High in June

IRVINE, CA - ATTOM Data Solutions (the new parent company of RealtyTrac), the nation's leading source for comprehensive housing data, today released its June and Q2 2016 U.S. Home Sales Report, which shows that single family homes and condos sold for a median price of $231,000 in June 2016, up 6 percent from the previous month and up 9 percent from a year ago to a new all-time high -- 1 percent above the previous peak of $228,000 in July 2005.

June was the 52nd consecutive month were U.S. median home prices increased on a year-over-year basis.

The ATTOM Data Solutions home sales report is based on publicly recorded sales deeds collected and licensed by ATTOM Data Solutions in more than 900 counties nationwide accounting for more than 80 percent of the U.S. population.

30 percent of local metro markets reach new all-time price peak in June...

Out of 130 metropolitan statistical areas analyzed for the report, 39 (30 percent) reached new all-time home price peaks in June, including Dallas ($240,156), Atlanta ($192,000), Seattle ($385,000), Minneapolis ($235,950), and St. Louis ($190,209).

 

Since the nation's home prices bottomed out in 2012, a total of 63 of the 130 markets analyzed (48 percent) have reached new all-time home price peaks.

"The all-time home price highs nationwide an in many local markets are being enabled by historically low mortgage rates -- which are falling once again this year," said Daren Blomquist, senior vice president at ATTOM Data Solutions (formerly RealtyTrac). "It is likely that some of the most interest rate sensitive local markets will see home price appreciation knocked down when the low rate rug is finally pulled out from under the housing recovery. We are seeing signs of weakening appreciation in many bellwether markets already in spite of the rock-bottom rates."

Markets with strongest home price appreciation in June...

Metro areas with the biggest year-over-year increase in median home price in June were Salisbury, Maryland (up 22 percent), Pensacola, Florida (up 21 percent), Tampa, Florida (up 20 percent), St. Louis (up 19 percent), Boulder, Colorado (up 19 percent), and Flint, Michigan (up 18 percent).

Along with Tampa and St. Louis, major metro areas with a population of at least 1 million where median home sales prices increased at least 10 percent from a year ago in June 2016 included Orlando (up 13 percent), Phoenix (up 12 percent), Austin, Texas (up 12 percent), Portland, Oregon (up 12 percent), Denver (up 11 percent), and Virginia Beach-Norfolk-Newport News, Virginia (up 10 percent).

June 2016 home sellers realize highest average price gain since September 2007
Home sellers in June 2016 sold for an average of $41,000 more than they purchased for, a 22 percent gain in price on average -- the highest average price gain for home sellers since September 2007.

Counties with accelerating appreciation in June 2016 compared to a year ago...

Included Kings County (Brooklyn), New York; Riverside County, California; King County (Seattle), Washington; Sacramento County, California; Hillsborough County (Tampa), Florida; Hennepin County (Minneapolis), Minnesota; and Travis County (Austin), Texas.

Distressed sales drop to lowest level since Q3 2007...
Distressed sales, including bank-owned sales, in-foreclosure sales, and short sales, accounted for 14.8 percent of all single family home and condo sales in Q2 2016, down from 18.6 percent of all sales in the first quarter and down from 16.7 percent of all sales in Q2 2015 to the lowest level since Q3 2007.

Among 145 metro areas with at least 1,000 total sales in Q2 2016, those with the highest share of cash buyers were Sebastian-Vero Beach, Florida (56.0 percent), Naples, Florida (55.9 percent), Sarasota, Florida (49.1 percent), Miami (49.1 percent), and Punta Gorda, Florida (48.7 percent).

Other major metros with a population of at least 1 million where cash buyers accounted for more than one-third of all sales included Tampa (42.2 percent), New York (40.6 percent), Raleigh, North Carolina (39.1 percent), Philadelphia (38.7 percent), and Detroit (38.3 percent).


Report methodology
The RealtyTrac U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available for those previous months. Median sales price is calculated based on the sales price on the publicly recorded sales deed when available. If no sales price is recorded then the purchase loan amount is used to calculate median price, and if no purchase loan amount is available, the property's Automated Valuation Model (AVM) at time of sale is used to calculate the median price.

About ATTOM Data Solutions
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that aggregates property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports.

ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.

--(Marketwired - July 28, 2016)

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