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.
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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.