Magazine article Mortgage Banking

Average Gain Netted by Home Sellers Highest since 2007

Magazine article Mortgage Banking

Average Gain Netted by Home Sellers Highest since 2007

Article excerpt

In new evidence that the housing r market has turned the corner on the Great Recession, the average gain for sellers over their initial purchase price reached its highest level since December 2007. That was among the findings of Irvine, California-based RealtyTrac's March and Q1 Home Sales Report. The 17 percent average gain for sellers was a 99-month high for the data series, according to RealtyTrac.

Some hot markets beat the average gain by quite a lot. RealtyTrac reported that in San Francisco, sellers recorded an average gain of 72 percent over their purchase price.

Other hot markets included San Jose, California, where the average gain was 60 percent; Boulder, Colorado, with an average gain of 53 percent; Prescott, Arizona, where the average gain for sellers reached 51 percent; and Los Angeles, with an average gain for sellers of 48 percent.

Seven housing markets reached new price peaks in March, according to the latest numbers from RealtyTrac. Those markets were: Boulder; Denver; Portland, Oregon; Fort Collins, Colorado; Austin, Texas; Greeley, Colorado; and Cincinnati. …

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