In a year that saw a massive price surge for some of the world’s biggest real estate markets, prices for homes and condos have continued to rise across the country, even as demand continues to cool, according to data from RealtyTrac.
RealtyTrace is the largest real estate research company, and it has tracked prices since 1998.
Over that period, the median price of a single-family home in the U.S. has risen by almost $4,000, while the median condo price rose by $1,200.
The median home price in Manhattan rose by an additional $3,700 in 2017.
The median price for a two-bedroom condo has increased by more than $3 the same year, while condos in Brooklyn and San Francisco have both risen by more.
The price of an apartment in New York City increased more than 20% in the past year, and by an average of more than 50% in Manhattan and San Diego.
“These trends are consistent across the nation, with home prices in major markets continuing to rise while condos and houses in major cities have declined,” said David R. Cohen, chief executive officer of Realty Trac.
“With a weak economy and a lack of demand, many people are moving into their first home.
But there are also a lot of people that are thinking about selling their first house and buying a second,” he added.
The trend is not just happening in the United States.
In Canada, the average price of detached homes increased by about 9% in 2017, while prices for condos increased by an extra 1%.
In Europe, the most expensive country for real estate was Germany, where prices for a detached home increased by 15%.
The median home sale price in the Bay Area was up nearly 14% in 2016, but condo prices rose by just 1.5%.
“I think it’s pretty clear that we’re seeing an increase in the demand for a home,” said RealtyTrak managing partner Matt McBride.
“It’s definitely something we’re continuing to see.”
The numbers were not much different for condos, which jumped an additional 9.8% over the same period.
The biggest jump came from condos in New Orleans, which climbed by almost 12%.
“It’s an opportunity for people who might be looking at homes and don’t have the capital and are wanting to put down roots in the area,” said McBride, who added that the housing market is generally recovering and is on the rise again.
In the U, median sales prices rose 8.4% in a year, which was slightly more than the year-over-year increase of 7.4%.
Median sales prices for two-bedrooms rose by 3.5%, and condos rose 5.7%.
The average price per square foot for single- and two-family homes fell by 0.3% over 2017, and condos fell by 1.4%, according to RealtyTracker.
But for condos it dropped by 1% in New Jersey and New York.
Prices have continued their upward march, though the trend is more pronounced in California.
Pride in California is at an all-time high, according the Real Estate Institute of California, with sales of new and existing homes soaring by more in the Golden State than any other state.
The average sale price for new homes increased nearly $1 million last year, according Realtytrac.
But the median sale price fell by $8,000 in New Mexico, while in Texas it dropped an additional 4.9%.
Prices in California are down 2.7% from the same time last year and have fallen more in some cities than others.
In San Francisco, median price fell $1.1 million, but median sales price rose more than 3% in Seattle.
In San Diego, the area with the highest median sales and price for condos is Marina del Rey, with the median house price increasing $2,400 over the past 12 months.
In Los Angeles, median house prices rose $2.5 million, while median condo prices jumped an extra $1 for the year.
Price growth has been driven by the rising popularity of single-person homes, which are more affordable and have lower mortgage payments.
Prides in many of the biggest cities in the country are higher than they have been in decades.
In New York, median home prices have risen by 9.3%, while condo prices have climbed by 8.9% over 2016.
In Los Angeles it was 4.3%.
In San Francisco it was 7.1%, and it was 9.5% in Boston.
Prism in New England, which is a big city, is also experiencing a surge in sales and prices.
Prisms median house and condo prices are up 7.5 and 7.6% over this time last decade, respectively.
Prisma in Connecticut is the only other big market that has seen double-digit growth in the last year.
In 2017, sales of homes