Home prices have hit a new high. According to stats from ATTOM Data Solutions, median home prices jumped 2.9% over the third quarter of 2019 and 8.2% since last year. Clocking in at $270,000, it’s now the highest median sale price on record, according to ATTOM.
Though home price growth had been slowing for some time, Todd Teta, ATTOM’s chief product officer, says Q3 bucked this trend.
“The seven-year U.S. housing boom is back in high gear,” Teta said. “After a series of relatively small price increase quarters, home prices saw quite the uptick, seller profits rose, and the problem of distressed sales continued to fade, helping to make the third quarter the strongest in four years.”
All in all, home prices jumped in 95% of U.S. markets. The only major metros to see a drop in prices were Kansas City, Missouri (down 9.4%); San Jose, California (-3.3%); and Hartford, Conn. (-0.3%).
Home prices are now above pre-recession peaks in four out of every five major metro markets.