Realty Trac released recent estimates detailing the average homeowner who sold their single family home for sale or condo for sale during the third quarter of 2015 realized a gain of $40,658 above the amount they originally paid for their home. This gain reflects a 17 percent growth and highest average price gain for sellers since 2007.
Per the 2015 U.S. Homes Sales Quarter 3 Report, the average home seller owned their home on average 6.72 years before selling in the 3rd quarter. Realtytrac’s VP Darn Blomquist believes this growth may be attributed to homeowners who remained on the sidelines for the past several years waiting for home prices to rebound before selling.
Mr. Blomquist said, “An increasing number of homeowners in 2015 have been cashing out the home equity they've gained during the housing recovery of the past three years. That may be a good decision because the data points to a plateauing market going forward.”
Additional findings show that sales prices increased 2.4 percent from last year with an average sales price for residential homes. condominiums and townhomes reaching $263,976 during the quarter. This reflects the slowest year-over-year gain since early 2012.