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The median home price increased nearly 21% over the two-year period ending in the first quarter of 2014. Price gains were particularly strong in markets that experienced a sharp downturn during the recession, including markets in Arizona, California, and Nevada. Homeowners who purchased in advance of this change benefited greatly.
For a homeowner who purchased two years ago, the price appreciation coupled with principle payments has added significant equity to their property. Not surprisingly, the average owners in higher-priced markets gained more in absolute terms because of the price appreciation on what was already a high priced asset. The decline in distressed share played a role as well, but the gains are significant regardless. The buyer of a median priced home in San Jose has gained nearly $300,000 in equity over this 8-quarter period while the gains in Boulder and Orlando were more than $50,000.
Curious how your market has fared? For more information on recent trends in your state, see the Local Market Reports for the first quarter of 2014.
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