Home prices hit a new all-time high, finally surpassing the pre-recession peak, according to the Q3 2016 U.S. Home Sales Report from ATTOM Data Solutions, a source for comprehensive housing data and the new parent company of RealtyTrac.
In fact, the median home price increased 6% monthly to $230,000 in the third quarter, and is up 10% from last year. This is 1% above the pre-recession peak of $227,000 in 2005 and an all-time high in home prices.
“We are seeing the average seller home price gain since purchase start to wane in some of the highest-priced markets where appreciation is beginning to cool, indicating those markets are past their prime as sellers’ markets,” said Daren Blomquist, ATTOM Data Solutions senior vice president.
“Meanwhile there are still a number of buyers’ markets across the country where a high level of lingering distress and relatively weak demand from owner-occupant buyers provides investors with plenty of bargain-buying opportunities,” Blomquist added.