U.S. home prices have risen 4.3%

November 7, 2019 1:08 pm

U.S. home prices have risen 4.3% on average in the year to October 2019.

Median real estate values reached $312,000, as listings shortages drove up prices. National inventory fell 6.9% year-on-year – 98,000 listings – and 5.3% in the 50 largest markets on average.

In Cape Coral, the average price of single-family homes is $336,500. Just over 7,500 homes are on the market in October 2019. That is according to the latest market index from Realtor.com.

It took homes 66 on average to sell in October, three days faster than a year ago. In Cape Coral the figure is 85.

In October, 22% of active listings saw their listing prices reduced. This share is unchanged from last October. However, the share of price cuts had been consistently increasing since the spring of 2018\

George Ratiu, Realtor.com’s senior economist, says, “Owning a home continues to be a priority for buyers, as we head into the cooler months of the year. Driven by the tailwind of sub-4 percent mortgage rates, the steady demand for housing is drying market inventory at an accelerating pace.”

There were 3.4% fewer new listings hitting the market in the year, with most being in the budget sector. The number of homes priced under $200,000 dropped by 15.2% year-over-year, with those $200,000-$750,000 falling 4.3% year over year.

Qualitas new single-family homes in Cape Coral, Florida, start at just $219,900.

Source: https://www.realtor.com/research/october-2019-data/