Average Price for Homes Over a Million

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The average price for single-family, re-sale homes went back over $1,000,000 for the first time since November 2007. The average price for homes was up 24.5% year-over-year.

The rapid decline in the number of bank-owned and short sales has been credited with moving the statistical pricing numbers up rapidly.

There is something to be said for that theory. In January 2012, 40% of all homes sold were either bank-owned or short sales. Last month, that number was less than 10%.

I expect as bank-owned and short sales become less of a factor in the market, price increases should start going back into single-digits.

To read the full report: http://hartland.rereport.com/

 

Trends at a Glance

(Single-family Homes)

 

Apr 13

Mar 13

Apr 12

Median Price:

$   800,000

 $   735,000

 $   625

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