Home Prices Spike, Inventories Stay Tight

For 15 years, In&Out Magazine has been the definitive source of “Everything that’s going on” in and out of the community. We thank you, our readers, as well as the businesses that support the magazine through advertising, for that opportunity. But with little going on, and many businesses suspending or canceling their ads during the Covid-19 crisis, we are suspending publication of the magazine and web sites for the month of May. 


The average price of existing home sales jumped significantly in August across all five NoPho zones, compared to the year prior. However, average prices can vary notably due to the relatively low volume, especially if sales involve just a handful of large and/or well-upgraded homes. Note that price per square foot actually fell in two zones.

Still, the price increases are part of a years-long trend locally and across the nation. The median price of existing home sales nationwide in July, the most recent month available, was $269,600, up 4 percent from the previous year.

Get Zone-by-Zone Details:

Meanwhile, it was a busy month. The total number of homes that closed in August, 184, was up from 164 the previous month and up 17 percent from last August. The robust sales continue to cause low inventory, which remains well below 6 months—the threshold for a seller’s market—in all five zones.


 

Robert Roy Britt
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. .

Robert Roy Britt

NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. .

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