Housing Prices, Profits Continue to Climb Across the Country, Data Shows
Originally published on July 21, 2023, by Christine Stricker for ATTOM.
According to ATTOM’s newly released Q2 2023 U.S. Home Sales Report, profit margins on median-priced single-family home and condo sales in the U.S. increased to 47.7 percent in the second quarter – the first gain in a year.
ATTOM’s latest home sales analysis reported that the improvement in typical profit margins, from 43.9 percent in Q1 2023, came amid a rebound in the U.S. housing market that pushed the median nationwide home price up 10 percent quarterly to $350,000. The report noted that both the nationwide profit margin and median home price increased after three straight quarterly drop-offs that had begun to reverse a decade-long market boom.
Also according to the report, median single-family home and condo prices increased from Q1 to Q2 2023 in 96 percent of U.S. metros analyzed and were up annually in 60 percent of those metros. The report noted that nationwide, the median home price rose from $317,000 in Q1 2023 and 2.4 percent over the previous record of $341,750, set in Q2 2022.
ATTOM’s Q2 2023 home sales analysis also reported that among metro areas, the biggest increases in median home prices from Q1 2023 to Q2 2023 were in Rochester, NY (up 20 percent); Madison, WI (up 19.1 percent); Bridgeport. CT (up 18.6 percent); St. Louis, MO (up 17 percent) and Augusta, GA (up 16.9 percent).