As the housing market heats up ahead of the summer home buying season, buyers are finding prices inching past the affordability threshold. While this may hinder new households from forming, it is translating into good news for sellers who are seeing higher than average returns when putting their home on the market.
According to a new report from ATTOM Data Solutions, homeowners who sold in the first quarter of the year realized an average price gain of $44,000 since purchasing their home. This represents 24 percent return on average nationwide – the highest average price gain in nearly a decade.
Among the top metropolitan areas with the highest percent return on previous purchase price, 10 of the top 20 were located in California. The San Diego-Carlsbad area landed in the eighteenth spot nationwide with an average return of 41 percent. This equals a gain for homeowners of whopping $144,000 above their purchase price.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.