It’s no secret that home prices have been climbing in recent years. And though increases have slowed from what they were a few years ago, prices are still heading higher.
That can cause affordability challenges for prospective buyers, especially those who are buying for the first time. But, for current homeowners, higher home prices are welcome news. That’s because, when home values rise, so does home equity.
So just how much have recent sellers profited from the sale of their home? Well, according to ATTOM Data Solutions, home sellers nationwide realized a home price gain of $65,500 on the typical sale, which is a 13-year high and up from $58,100 the year before.
Todd Teta, chief product officer at ATTOM, says 2019 was a great year to be a home seller. “The nation’s housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains,” Teta said. “In short, it was a great year to be a seller.”
Profits and return on investment have improved now for eight consecutive years, though last year’s improvement was the smallest since 2011. (source)
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