Home Prices Reach All Time High
According to the National Association of Realtors, home prices reached all time highs in 114 markets around the country in the 4th quarter of 2017.
The national median sales price for a single family home rose to $247,800, a 5.3 percent increase over last year's median home sales price of $235,400. Home prices in metro Atlanta and many other markets in the state of Georgia also rose significantly in 2017.
Increasing home prices disproportionately impact first time homebuyers, with many potential new homebuyers being priced out of the market. While home prices have risen 48 percent around the country in the past seven years, average household incomes are up only 15 percent.
Home prices are expected to continue increasing in 2018, but rising home mortgage interest rates and the impact of new tax laws on the home buying market could lead to more moderate increases.
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