The median sale price on homes during November was $385,000, according to a data report from Homes.com. This marked a $9,120 or 2.4% year-over-year rise and a continuation of the 10-month stretch where median prices are between $375,000 and $395,000.
Across the nearly 1,000 markets tracked by Homes.com, nearly 65% showed price appreciation over the past year. The Midwest recorded the most significant year-over-year home price increases, with Cleveland (11.6%), Cincinnati (10.0%), Pittsburgh (8.7%), and Saint Louis (7.5%) leading all other large markets. Thirteen large markets showed price declines, most notably in Jacksonville, Florida with a 4.1% decline from one year earlier.
Despite the higher prices, Homes.com found homeownership affordability increased slightly in recent months due to continued income growth and a decline in mortgage interest rates. On the supply side, the inventory of homes available for purchase rose 17.9% year-over-year to the highest November level since 2015.
“The market has shifted from one in which opportunistic sellers hoped to take advantage of scant supply to one in which sellers and buyers are finding common ground,” said Brad Case, chief residential economist for Homes.com. “Wider inventory is giving buyers a better opportunity to find the right home. Continued price appreciation, at a time in which interest rates have been easing, gives homebuyers confidence that they can clear the affordability barrier.”
