Lower Priced Homes Are Gaining Ground
Lower Priced Homes Are Gaining Ground
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A CoreLogic report highlights why home sale increases statistics confuse both buyers and sellers.
“According to their numbers, National Home Prices increased +4% year over year in December.”
“The Housing Price Index (HPI) has increased on a year-over-year basis every month for more than 7 years and has gained +63% since hitting rock bottom in March 2011.”
The average consumer pumps their fist and then calculates a +63% appreciation on their home and wonders why it’s not selling. Number crunching requires local market knowledge and a little more insight than national trends.
Food for thought is the results of CoreLogic’s analysis of 4 individual home-price tiers.
As you can see from the chart above the lowest price tier increased +5.9% year-over-year in December 2019. However, the highest tier only increased by +3.7%. Still, a good jump increases are not the same for all price ranges.
The local Greater Cincinnati real estate market has it’s own unique characteristics. Some higher-priced areas are experiencing more days on market above certain price points.
Want to get your home sold? It’s important to consult a Realtor® with knowledge of the neighborhood and confidence to tell sellers the truth about pricing!
