National statistics indicate that home sales and home values continue to do well in 2016. There is some uncertainty as to whether home values can continue to keep pace as global growth slows. Here is a snapshot of factors that will affect your Tallahassee home value.
1. Home prices: The median existing-home price for all housing types in February was $210,800 -- up 4.4 percent from a year ago ($201,900).
2. Inventories: Unsold inventory in February was at a 4.4-month supply. Total housing inventory by the end of the month increased 3.3 percent to 1.88 million existing homes available for sale. Inventories are still 1.1 percent lower than a year ago (1.90 million).
3. Days on the market: Thirty-five percent of homes sold in February were on the market for less than a month. Properties, on average, remained on the market for 59 days in February, below the 62 days from a year ago. Short sales were on the market the longest amount of time at 126 days. Foreclosures and non-distressed homes were on the market a median of 57 days.
Source: National Association of Realtors
1. Home prices: The median existing-home price for all housing types in February was $210,800 -- up 4.4 percent from a year ago ($201,900).
2. Inventories: Unsold inventory in February was at a 4.4-month supply. Total housing inventory by the end of the month increased 3.3 percent to 1.88 million existing homes available for sale. Inventories are still 1.1 percent lower than a year ago (1.90 million).
3. Days on the market: Thirty-five percent of homes sold in February were on the market for less than a month. Properties, on average, remained on the market for 59 days in February, below the 62 days from a year ago. Short sales were on the market the longest amount of time at 126 days. Foreclosures and non-distressed homes were on the market a median of 57 days.
Source: National Association of Realtors
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