April 27, 2024 7:31 am
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Jekyll and Hyde in the housing market

jekyll-and-hydeMarket Watch

Home prices have soared over the past year, but the news isn’t all good on the home front.

According to data released Thursday by RealtyTrac, the median price of a residential property sold in the U.S. in July was $191,000, up 3% from June and 12% from a year ago. This is the highest level since September 2008. States like Michigan (24% increase), Ohio (20%) and Virginia (20%) saw especially high year-over-year increases in median sales prices, as did cities like Detroit (33%), Dayton, Ohio (31%), Stockton, Calif. (24%), Modesto, Calif. (22%), Cleveland (20%), and Miami (19%).

But behind those gleaming numbers lies an unsettling reality:

Continued:

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.