Home >> Daily Dose >> Home-Sale Prices Recovering since 2000
Print This Post Print This Post

Home-Sale Prices Recovering since 2000

CoreLogic reports that the number of homes selling at or above the list price in June fell to 39.2%—10% higher than the average since 2000.

The report states the San Francisco had the highest share of homes selling for at least their list price at 83%. Seattle, Washington, and Minnesapolis, Minnesota, had 74% and 62% of homes selling for their listing price or more, respectively. 

Fewer than 5% of homes sold for their list price in San Francisco, and fewer than 20% of homes in the Bay Area sold for less than the list price. More than 80% of homes in Miami, Florida, sold for less than the listing price. 

Just 19-percent of homes sold at or above the list price in Miami for the month—the lowest rate in the nation.

San Francisco, however, also had the lowest supply of homes in June at 1.7 months. Miami led the nation at 7.7 months of supply in June. 

CoreLogic also studied how decrease in supply impacts price pressure in more than 200 metropolitan areas in June. The study found that homebuyers in San Francisco paid 11% more than the asking price due to a falling supply of homes. Miami, though, sw average discounts of 6.6% due to the nation’s highest supply rate. 

CoreLogic released a study earlier in August that revealed the number of homes for sale in June equated to a 3.3-month supply, which is an annual increase from 2.8 months last year. 

When broken out by price tier, the lowest-priced homes had a 3.5-month supply in June, which rose three months from last year, but just one-third of its peak in January 2008. The low-to-middle-price tier saw an annual increase of 2.2 months in June. 

Moderately-priced homes had a 2.8-month supply, which is a marginal increase from the 2.3-month supply last year. High-priced homes had the largest supply, 3.9 months, and is only a 0.6 month increase from June 2018.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

Check Also

Mortgage Origination 2022 Forecast to Hit $2.59T

While originations are expected to remain solid, the MBA expects refis will further slow next year, decreasing by 62% to $860 billion from $2.26 trillion in 2021.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.