Photo credit: Special to ACRE
Home prices on the rise nationwide, and in Alabama
Industries: Residential Real Estate
Markets: Birmingham Metro, Huntsville-Madison County, Mobile Area, Montgomery Area, Tuscaloosa Area
Home prices are on the rise nationwide.
According to the recently-released Home Price Index for November (S&P Dow Jones Indices), the U.S. National Home Price Index grew by 10.4 percent in November, the National Home Builders Association said.
The median sales price for homes sold during December was $232,200 according to the National Association of Realtors, a 4 percent rise over December 2015.
So where does Alabama stack up in the home price surge?
As a whole, the state experience a 6 percent rise in its median sales price during 2016 at $141,442, compared to $133,991 during 2015.
This establishes a new peak for the state and is 39 percent above the 2002 trough of $101,761.
Here's how the tate's five metro markets performed in terms of pricing during 2016.
2016 Median Sales Price: $183,396
2015 Median Sales Price: $175,658
2016 Median Sales Price: $181,498
2015 Median Sales Price: $171,383
2016 Median Sales Price: $143,688
2015 Median Sales Price: $135,892
2016 Median Sales Price: $120,393
2015 Median Sales Price: $123,950
2016 Median Sales Price: $161,408
2015: Median Sales Price $156,879