Home prices accelerate nationally as owners stay longer

National /
Nov.November 29, 2019 02:00 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


Related Articles

arrow_forward_ios
(Getty)

These are the top 10 priciest zip codes in the US

These are the top 10 priciest zip codes in the US
Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Here’s how much it will cost you to sell your home on an iBuying site

Here’s how much it will cost you to sell your home on an iBuying site
From left: London, Shanghai and Paris

In London, WeWork already reaping rewards of planned Brexit: Global property

In London, WeWork already reaping rewards of planned Brexit: Global property
US housing market sees another month of rising prices but declining sales figures

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high
Suburbs now make up 14 of the 15 fastest growing cities in America (Credit: iStock)

The trendiest place for young homeowners? It’s the suburbs

The trendiest place for young homeowners? It’s the suburbs
First-time home buyers are struggling to compete with deep-pocketed institutional investors. (Credit: iStock)

Investors, speculators plow into US housing market: report

Investors, speculators plow into US housing market: report
(Credit: iStock)

Why lenders are loosening rules for “sandwich generation” homebuyers

Why lenders are loosening rules for “sandwich generation” homebuyers
New home sales slowed in April by 6.9 percent

Across the US, new home sales keep falling

Across the US, new home sales keep falling
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...