By Nef Cortez
Home prices across the US have continued their steady rise after its dramatic drop which began in 2007-2008 fiscal year. The expansion in home prices has continued since the low point of $152,000 reached at the end of the first quarter of 2012. The major impact of the Great Recession of 2008-2009 translated into a decrease in prices from 2007 until 2012.
Although it has suffered some fits and starts through the 8 year dip and then ascension, the median price in that period of time has increased by a strong 29 %.
Diamond Bar and Chino Hills home prices have seen a similar dip and rise, although it has been more pronounced. The median sales price of a home in Diamond Bar was approximately $597,000 in 2007, and it dropped down to about $441,000 in 2012, a drop in median sales price of 24%. The increase after the Great Recession has been more dramatic in Diamond Bar, going from $441,000 to the now current $646,000, an increase of 46%, an average of 9% per year!
The median price of a home in Chino Hills went from the peak in 2007 of $592,000 down to its low point in 2012 at approximately $424,000, a larger drop of 29 %. Home values came back stronger in Chino Hills (as a percentage of median sales price) than it did in Diamond Bar, going from the low point of about $424,000 up to its current level of $626,000. This represents an increase of 48% over the last 5 years, an average of a little over 9% per year.
In retrospect, the “Right Time to buy” in the last decade was April 2012. That goes along with the Old Adage, “Buy Low; Sell High”
This article was written by Nef Cortez is a licensed Real Estate Broker, Ca BRE # 00560181, licensed since 1976. He can be reached via e-mail at firstname.lastname@example.org. Please feel free to email any questions regarding real estate.