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San Diego Property Management Blog

Nationwide, the Median Existing Home Price Rose


Luis Rosales - Thursday, August 20, 2015



Increasing in 93% of markets in the U.S., according to the National Association of Realtors, with 19% experiencing double-digit growth. Nationwide, the median existing home price rose to $229,400 in the second quarter, up 8.2% from last year.

More people bought goods that cost $900 or more.
Americans increased spending on appliances, tools, plumbing, décor, lighting, kitchen and bath hardware and flooring. Another positive sign: The amount of Home Depot transactions exceeding $900 rose 6% last quarter. Home Depot also said sales momentum built during the summer, going from 3.5% growth in May to 8% in July.

The rest of Southern California saw similar growth, according to CoreLogic, with the median home price up 5.5 percent to $438,000. The area, including Los Angeles, Orange, Riverside, San Bernardino and Ventura counties, also sold 24,235 homes in July, up 17 percent from last year.

The region had its best July since 2006 for home sales, CoreLogic said. Job growth, rising consumer confidence and some concern that interest rates may soon rise from historically low levels contributed to the recovering sales, it said.

"Southern California home sales have risen year over year for six straight months now, and we're finally approaching an overall sales level that could loosely be called 'normal' in the context of the past quarter-century," CoreLogic analyst Andrew LePage said.

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