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Talking heads would look at these MSPs and declare, “Home prices were UP 6% last month!

But it’s the median sales price that increased – not every home’s value:

NSDCC Detached-Home Sales, September:

Year
Sept. # Sales
Med SP
Med $/sf
2017
259
$1,265,000
$450/sf
2018
211
$1,320,000
$496/sf
2019
217
$1,399,000
$476/sf

The actual median cost-per-sf was down 4% year-over-year (the middle number of all the $/sf for each house), which demonstrates that there will usually be stats going in either direction – and don’t make too much of them! What matters most is what’s going on in your area.

I’m just glad we had more sales than last September, but with mortgage rates being 20% lower than last year, having an extra six sales isn’t exactly spectacular.

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