Home Values Inching Closer to Record High

Realtor KJ

Have you checked out the sale-to-list price of some of the homes in your neighborhood recently?

I have. And the difference was over six figures.

Realizing of course, that home prices are different across markets, neighborhoods and school districts, something definitely has hit the value vein in the housing recovery.

The National Association of Realtors reports the median home price, $213,500 in July, was just 7.3% off the record high in 2006 when it was $230,400.

The median price was 13.7% higher than the same period a year ago, and the 17th consecutive month prices have risen year over year.

Clearly, values have bounced back.

But it’s important to note that median literally is the middle number between the highest and the lowest. So the bounce back doesn’t necessarily mean there’s a recovery at all price points or for all.

Existing home sales also were up in July –…

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