Area home sales in Brevard County jumped nearly 13 percent in April while prices continued their upward climb. The median sales price for a Brevard single-family home in April rose 11.2 percent, to $227,500 compared to a year ago, when the price was $204,655. The median price is the point at which half the homes sell for less, half for more.
The local condominium market also showed some zip last month. Sales were up 7.2 percent over the year while the median sales price jumped almost 18 percent to $190,000 compared to a year ago, when it was $160,000. Rising home prices — and values — isn’t a Brevard phenomenon.
Zillow’s Real Estate Market Report for April said the national median home values rose at their fastest pace in 12 years, jumping 8.7 percent to a median value of $215,600. Home values across the United States in 21 of the 35 largest housing markets have surpassed peak value hit during the height of the housing boom over a decade ago, Zillow said..
“Home values are rising faster than we’ve seen in a very long time: The spring home shopping season has been a perfect storm of strong demand and tight supply,” said Zillow senior economist Aaron Terrazas. “Sluggish new construction has exacerbated the supply situation and homes that are hitting the market, are moving very quickly once they do. Americans are also in a spending mood, boosted by recent tax cuts and rising wages. Millennials who long delayed becoming homeowners, are out in force – a shift we’re also seeing in softer rent appreciation.”
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