U.S. home prices increased more than 25 percent over the past decade, according to the National Association of Realtors.
Per the group’s stats, the median home price climbed from $137,600 back in November 1999 to $172,600 in November 2009, based on the latest existing-home sales data available.
Imagine what home price appreciation would have looked like if values hadn’t fallen so much in the past few years…
Of course, the message from the NAR is pretty shamelessly self-promotional: It’s always a good time to buy, regardless of the ups and downs.
That may be true (to an extent), but there’s also a better time to buy, which is when home prices aren’t grossly inflated.
And I’m sure there were investments other than housing that saw better returns over the past 10 years.
NAR’s little decade in review also revealed that fewer buyers purchased detached, single-family homes, with the share dropping to 78 percent from 82 percent a decade earlier.
But more bought in suburban areas, with such sales grabbing a 54 percent share, up from 46 percent a decade ago.
Married couples accounted for fewer home sales, holding a 60 percent share at the end of the decade, compared with 68 percent in 1999.
The one thing that didn’t change was the median age of homebuyers, which held steady at the tender age of 39.