Home Prices Gain Ground in March

In March 2016, U.S. home sellers reaped the highest prices since the onset of the Great Recession in December 2007, according to RealtyTrac, which provides comprehensive housing data nationwide.

Sellers across the nation received $30,500 more (an 17 percent average gain in price) than they purchased their homes for in March, according to the organization’s March and first-quarter 2016 U.S. Home Sales report, which is based on publicly recorded sales deeds in more than 900 counties nationwide.

Among 125 metropolitan statistical areas with at least 300 sales in March, home sellers realized the largest average gains compared with purchase price in San Francisco (72 percent average gain); San Jose, Calif. (60 percent); Boulder, Colo. (53 percent); Prescott, Ariz. (51 percent); and Los Angeles (48 percent).

Other markets with average seller gains more than twice the national average in March include Denver (42 percent); Portland (40 percent); Austin, Texas (40 percent); Seattle (38 percent); Baltimore (38 percent); Riverside-San Bernardino (37 percent); San Diego (36 percent); and Sacramento (35 percent).

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” says Daren Blomquist, RealtyTrac’s senior vice president. “That should encourage more homeowners to take advantage of the prime seller’s market and list their homes for sale this year.”

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