Real estate investors are taking note of the recent price declines for the top-selling homes in the U.S. as the market heads back toward an average price of $1.27 million per home.
The average price for single-family homes sold in the last two months fell by almost 5 percent to $1,257,000, according to a report released Thursday by the National Association of Realtors.
That’s a 9 percent drop from a year ago.
The median price for homes sold on the market in January fell by 6.6 percent to an average of $2,717,000.
That was down 6.3 percent from a month earlier.
The median price also fell 7.1 percent from January 2016.
Home prices were also up in the second quarter.
The report showed that the median price of a single-unit home sold in January rose 3.7 percent to a median of $717 per square foot, while the median sale price rose 6.4 percent to nearly $1 million.
The NAR reported that the average sale price for all homes sold fell by 5.4% in the first quarter, but it rose 4.2 percent in the final quarter.
That is because of the housing crash, which has pushed home prices to record lows.
The National Association’s survey of over 2,600 real estate agents also showed that sales were up across the board for the year.
The average sales price for new single- and multifamily homes increased 9.2%, while the average sales prices of existing homes rose 5.6%.
The average sales cost for a single home sold was $1-3 million in January, and it was $3-6 million in February.
The averages for new homes sold were $3.7 million and $3 million.