Here are the NSDCC sales stats from the first six months of each year, going back to the beginning of the 2-out-of-5-year capital-gains tax exclusion – which helped trigger the ensuing bubble. I used the April rate because it was about the middle of the Jan-Jun time period:

Year
# of Sales
Median SP
April 30-Yr Mortgage Rate
1997
927
$360,000
8.14%
1998
1,535
$430,000
7.14%
1999
1,567
$455,000
6.92%
2000
1,706
$535,000
8.15%
2001
1,423
$570,000
7.08%
2002
1,905
$620,000
6.99%
2003
1,771
$690,000
5.81%
2004
1,756
$936,500
5.83%
2005
1,548
$980,000
5.86%
2006
1,373
$995,000
6.51%
2007
1,387
$1,000,000
6.18%
2008
1,016
$936,250
5.92%
2009
899
$795,000
4.81%
2010
1,232
$825,000
5.10%
2011
1,281
$845,000
4.84%
2012
1,477
$815,000
3.91%
2013
1,670
$919,950
3.45%
2014
1,430
$1,020,000
4.34%
2015
1,555
$1,120,000
3.67%
2016
1,523
$1,150,000
3.61%
2017
1,587
$1,225,000
4.05%
2018
1,402
$1,324,000
4.47%

Yes, sales are down 11% year-over-year, but note that we are selling nearly as many homes as we did when prices were in the $400,000s and $500,000s.

Back then did you guess that today’s NSDCC median sales price would be about 3x as high, at $1,324,000?  We are seeing some market adjustments today, but we’re making about 1,700 new millionaires every day in America!

Where will pricing be in another 10-20 years?

Pin It on Pinterest