DALLAS — In the months leading up to the 2016 election, real estate analysts were predicting a dramatic decline in the market for new homes and a steady erosion of home sales.
But as the market soured, it appears that’s all about to change.
Real estate analysts and real estate agents were wrong.
In fact, home sales are going through a resurgence.
According to a survey released by Trulia, the national real estate tracker, the median price of a home in the United States has increased by nearly 6 percent in the past year.
This is the largest annual increase since the end of the Great Recession in 2007.
The median price is up by 6.5 percent compared to last year, and is the second-highest increase in the nation behind California, which has seen an increase of 5.5% in median home values over the past six years.
The median price has risen for six straight years.
In other words, the market is looking better.
And the good news is that this has been a steady improvement.
The reason is simple: The housing recovery is happening as a whole, and home sales have risen to record highs.
The median sales price for a home sold in 2016 was $742,000, according to Trulia.
That’s up from $669,000 last year.
According to Truby, the average price of homes sold last year was $575,000.
However, while the median prices are up, they are not quite as high as they were six years ago.
In 2016, the home sales were up by 9.3 percent, but the median sales prices were up only 1.9 percent.
The median home price was $3,958,000 in 2016.
In 2018, it was $4,200,000 and it’s going to be a bit higher in 2019.
In fact, Trulia expects the median home prices to increase in 2019, but then they will start to fall.
The market is so strong right now, Trubys forecast that it will take a little longer than that for home sales to come back to where they were in 2018.
Trulia’s analysis also found that the average sales price has not changed since 2009.
The average price for homes sold in 2019 was $1,078,000 — that’s up 5.9% from last year and the highest average sales prices since 2009 when it was at $1.7 million.
Trulia estimates that home prices will rise slightly over the next year.