Median Home Sales Price Analysis Is Not Wildly Significant


Median Home Sales Price Analysis Is Not Wildly Significant
By Scott Rogers • June 11, 2008
In my June 2008 home sales report, I noted that the median sales price of single family homes and townhomes in Harrisonburg and Rockingham County had declined by 3.13% between May 2007 and May 2008. I was a bit surprised to see this, as home values still seem to be increasing in this area. So....I thought I'd take a closer look at median sales price trends....and here's what I found.... This graph charts the median home sales price on a quarter by quarter basis for the past 25 quarters (6.25 years). The data points of the median home sales price are in gray, connected by the green line. You'll see that the median home sales price goes down (quarter to quarter) almost as often as it goes up. We could, thus, conclude that either: home sales prices (and home values) are almost as likely to go down in any given quarter as they are to go up we don't have a large enough number of home sales in this area to make this type of analysis statistically significantly I lean towards the second conclusion, as I don't think there was a single quarter in 2003 or 2004 when home values decreased, despite the fact that the data would suggest that they did. The red trend line may give us a better indication of the changes in home values over time --- though suggesting that significant trend data could rise out of insignificant source data is probably a stretch. Click on the graph to take a closer look. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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