Home prices accelerate nationally as owners stay longer

The median sale price in Washington rose 36.7 percent to $410,000 from $299,900 since 2010

National /
Nov.November 29, 2019 05:00 PM
Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent.

Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year, the Wall Street Journal reported. The year-over-year rise in August had been 3.1 percent.

The gains mark a two-month departure from a long period of slowing growth in home prices.

The gains were more moderate — just 2.1 percent — in the large urban areas tracked by the composite S&P CoreLogic Case-Shiller U.S. National Home Price Index.

A separate report released last week by the Federal Housing Finance Agency echoed those findings, while the National Association of Realtors said existing home sales increased by 1.9 percent in October.

Homeowners are choosing to stay in their homes longer, in part because of a dearth of affordable options and tax abatements for older homeowners, according to a Redfin study, the Washington Post reported. Owners in homes where walkable amenities are available are also less likely to move, and houses with higher walkability scores sell faster, the study found.

The number of homes for sale in Washington, D.C., has fallen 38.1 percent since 2010, while the median sale price surged 36.7 percent to $410,000 from $299,900. Washington-area homeowners are also sticking around more — remaining in their homes for a median of 13 years, compared with just nine in 2010.

[WSJ, WaPo] — Georgia Kromrei


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