Median Sale Price
Why is this important?
The median home sales price is the middle value of the prices for which homes are sold, and it gives a broad indication of housing affordability compared to other places along with sale trends over time. The median value is used as opposed to the average so that both extremely high and extremely low prices do not distort the prices for which homes are sold [i]. Median sales prices often vary across the type of housing, potentially indicating a scarcity or popularity of certain housing types relative to other comparative markets. For sellers, increasing median sale price indicates the potential for wealth creation from the sale of a home. For buyers, increasing prices may indicate that homeownership is becoming less attainable for many potential homebuyers.
[i] “Housing and Neighborhoods.” ET Index. 2017. Web 28 June 2017. http://www.etindex.org/housing-neighborhoods