Median home value of $198K surpasses pre-recession peak

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | June 01, 2017 06:00PM

Credit: RedFin

According to the most recent market reports, the median value for a home in the U.S. reached $198,000 in April, surpassing the pre-recession peak of of $196,000.

Residential

Luxury Sales | Olshan Realty
The total asking dollar volume for the 32 luxury contracts signed last week was $264.5 million. Last week saw the same number of contracts, but for a total asking dollar volume of $194.5 million. Read the full report here.

Condos and co-ops | Sotheby’s International Realty
There were 2,440 closed sales of condos and co-ops in Manhattan the first quarter of 2017, a 5 percent year-over-year decline. Of the total, 83 percent of the sales were under $3 million. Read the full report here.

Rental report | ApartmentList
A two-bedroom apartment rents for a median price of $2,470 a month in New York City, a 0.9 percent increase year-over year. Read the full report here.

Millennials and homeownership | AprtmentList
Eighty percent of millennials plans to buy a home, but 72 percent say they can’t afford to buy one. Read the full report here.

Housing affordability | RedFin

As home prices rise faster than income, African-Americans and Hispanic homebuyers are getting priced at higher rates than whites. In New York, home affordability decreased by 23 percent overall, but 43 percent for a median African-American homebuyers’ income, and 40 percent for the median Hispanic homebuyers’ income. Read the full report here.

National Market Report | Zillow
The national median home value was $198,000 in April, climbing 7.3 percent from a year ago and surpassing the pre-recession peak of $196,600 set in April 2007. Read the full report here.

Commercial

Office Snapshot | Colliers International
Office leasing activity in Manhattan in April hit 3.1 million square feet, nearly double the 1.6 million square feet leased in April 2016, and up 8 percent from the previous month. Read the full report here.