Mortgage and Real Estate Blog


Average Home Value Back to April 2005 Prices

welcome2_FTHB_1There is some great news in real estate... The FHFA (Federal Housing Finance Agency) reported that home prices posted a 19th consecutive monthly gain in August. 

On a year-over-year basis, the August report was up 8.5 percent. This means average nationwide home prices are now equal to what they were in April 2005.

We are getting there, but this report also shows that the average market level is still 9.4% below the price peek of April 2007, right before the housing market crashed.

Values increased in seven of the nine Census Divisions in August with the South Atlantic and East North Central divisions experiencing declines.

The South Atlantic region, which encompasses all coastal states from Florida to Delaware, was down 0.5 percent and the East North Central (Wisconsin, Michigan, Indiana, Ohio, and Illinois) division saw prices go down just 0.3 percent.

The largest value increases were in the Mountain (Utah, Montana, Colorado, Nevada, Arizona, New Mexico, Idaho) and West North Central (North Dakota, South Dakota, Minnesota, Iowa, Nebraska, Kansas, and Missouri) divisions which rose 1.3 percent and 1.2 percent respectively.

As values continue to rise, more and more sellers can safely sell their homes - which should help with inventory issues.  It also means that potential first time home buyers really need to jump into the market to buy a home TODAY, as those gains for sellers equals less buying power for buyers.

Comment balloon 0 commentsJoseph Metzler • October 24 2013 07:32AM
Average Home Value Back to April 2005 Prices
There is some great news in real estate… The FHFA (Federal Housing Finance Agency) reported that home prices posted a 19th consecutive monthly gain in August. On a year-over-year basis, the August report was up 8. 5 percent. This means… more
Low down payment loans other than FHA Loans to consider
Now that Fannie Mae is ending 3% down program. Are there other low down payment options besides FHA? The good news is YES! Once Fannie closes their 97% LTV door many state Housing Finance Agencies will still continue to offer 97%… more
HARP Refinance program. Still working for thousands of homeowners
Minneapolis, MN: As many are aware, mortgage interest rates jumped up about 1% back in May 2013 from their historic lows. Those holding out for even lower rates at the time, those who thought they wouldn't qualify, or those simply not paying… more
New mortgage rule changes you need to know
The mortgage industry is constantly changing. Keeping up with the rules, even for a 20+ year experienced Mortgage Loan Officer like myself is very difficult. The following is a quick breakdown of recent changes for both potential home buyer or real… more
Why did the appraisal come in low?
It happens… You've found your dream home. You've made an offer, and you are comfortable with the price. Your lender orders an appraisal, and when it is received… the appraised value comes in below, sometimes well below your offer and the… more
Are you really Pre-Approved to buy a home? How to tell.
Minneapolis, MN: Seems like every week I get a new client, who has been working with another lender, and suddenly, their mortgage application was denied very close to closing. A common statement they make is, how can that be, I was Pre-Approved?… more