Average Home Price

Average home price are up by 40% in past 5 years. Single family home sales for  reached 1,242, down slightly from last month and down two percent from this time last year. The average home price, however, is up five percent from last year to $201,105, and the typical home spent about 64 days on market (DOM). Knowing what your home is worth is important information to have if you are thinking of selling your home. With correct information on average home price, you will be able to determine what your home might sell for if you decided to put it on the market.

The local multilist service, has just released average home price for the first half of 2003. The median home price indicates the midpoint of home prices; one half of all home prices are above and one half are below. The median price differs in definition from the mean home price, which is the average home price of all homes sold. If the average price is higher than the median price, it is an indication that the distribution of home prices is concentrated, or "skewed" towards higher values. For this reason, most economists believe that the median price is a better indication of market trends and values. Note that the median price is 10 percent to 15 percent below the average selling price indicating that the number of 'expensive' homes sold is raising the average home price well above the midpoint or median price, meaning the average price is skewed towards higher values.

Rising rates have home buyers and sellers worried about average home price. Prices started climbing sharply a couple years ago, when the Federal Reserve Bank began shaving interest rates to stimulate an ailing economy. Evidence is growing that the housing market nationally has peaked. The average interest rate on a 30-year fixed-rate mortgage is up by more than a full percentage point since June, and now stands at 6.44%. As a result, applications for purchase mortgages have softened. Industry forecasters generally agree that by the end of the year, the rate of sales will decline from its record, and average home price growth, which has been running at 7%-plus, will slow by half. 

We would be happy to provide you with free information about what has recently sold in your area. There is no obligation on your part. Regardless of what type of move you are planning to make, the timing of your move is important. To assist us in getting you the most current and relevant information regarding average home price , please indicate which special report suits you the best. Should you be planning to move within the next 6 months or sooner, you need to start planning immediately. There are several key factors to consider and a number of issues you can start to address.  Should you be planning to move longer than 6 months, you can address more issues and deal with some of the key factors with a larger number of choices.