National Median Home Prices, Third Quarter 2005
The National Association of Realtors just released third quarter 2005 median existing home prices for 150 metro areas. Yet another record was set as the national median sales price jumped 14.7% to $215,900. The Phoenix-Mesa-Scottsdale area of Arizona topped the list with a 55.2% increase over Q3 2004. Median prices ranged from a high of $721,900 in the San Francisco-Oakland-Freemont, California area to a low of $72,800 in Danville, Illinois.
View Q3 2005 Median Price Chart
However, NAR chief economist David Lereah predicts we have reached the top of the market. Rising interest rates and inventories will most likely begin a slowdown.
"We're fairly confident that third-quarter home sales will prove to be the high point of the five-year housing boom," Lereah says.
NAR President Thomas Stevens states, "Improvements in inventory in most areas should take pressure off of home buyers to make snap decisions, or find themselves in a competitive bidding situation." Stevens further adds, "This calmer real estate market will create a more level environment for buyers in weighing options to invest in the American dream of homeownership. Sellers will enjoy very healthy gains on the value of their home, but should expect annual increases to be much closer to historic levels going forward."
National 30-year fixed-rate mortgages are approximately 6.3%, up from 5.89% in the third quarter.
View Q3 2005 Median Price Chart
However, NAR chief economist David Lereah predicts we have reached the top of the market. Rising interest rates and inventories will most likely begin a slowdown.
"We're fairly confident that third-quarter home sales will prove to be the high point of the five-year housing boom," Lereah says.
NAR President Thomas Stevens states, "Improvements in inventory in most areas should take pressure off of home buyers to make snap decisions, or find themselves in a competitive bidding situation." Stevens further adds, "This calmer real estate market will create a more level environment for buyers in weighing options to invest in the American dream of homeownership. Sellers will enjoy very healthy gains on the value of their home, but should expect annual increases to be much closer to historic levels going forward."
National 30-year fixed-rate mortgages are approximately 6.3%, up from 5.89% in the third quarter.
posted by Susan at 7:29 AM
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