I’m presently compiling August’s data for my monthly median post (coming soon). As a teaser, would you believe August’s median sales price was:
- up 6.4 percent over July’s median
- up 30 percent YTD
- up 14 percent Year-over-Year
Such an increase in the median sales price apparently is not confined to the Reno-Sparks housing market – as can be seen from these headlines that came across my desk this week…
- From the San Francisco Business Times: ‘Red hot’ Bay Area luxury home market sees biggest jump since 2006
- From Mortgage News Daily: CoreLogic: July Home Prices See Biggest Monthly Jump Since 2006
- From Inman News: Home prices post strongest growth in 6 years
- From the Wall Street Journal Blogs: Here’s More Evidence That Home Prices Have Hit Bottom
6 Responses
I have two questions about Zillow. My house was valued on Zillow for around $244000 for the past several months. A house two doors away, identical to mine, sold for $324,000 in August. As soon as it showed up in the comps my home dropped to $240,000. I claimed ownership of my home on Zillow and added some details to the listing and 2 hours later my house value dropped to $236,000. Any ideas of how their algorithm works?
I lied, I guess that ended up being one question… WTB edit button
Thats great for Reno NV!!!
Thanks the Democratic Party and if the Democratic party win AGAIN, expect real estate prices to increase
Please go VOTE
Yep…. its a full blown Miracle! Who would have thought? All that was needed was to make the 70% or so of underwater homes just disappear and wallah- prices are coming up.
But most importantly keep bidding up those prices….. The more future upside-down homes the better!
ZIRP has benefited all asset classes