The U.S. Census Bureau, in conjunction with the U.S. Department of Commerce (DOC) and the U.S. Department of Housing and Urban Development (HUD, recently published the results of the Survey of Market Absorption (SOMA). Eye on Housing staffer Carmel Ford report on the survey, which showed a small change in apartment asking prices and a major increase in condo asking prices.
For privately financed, unfurnished, non-subsidized apartments in buildings with five or more units completed in the first quarter of 2016, the median asking price was $1,426 while the median price in the forth quarter of 2015 was $1,442. For privately financed, unfurnished, non-subsidized condominiums in buildings with five or more units the price was in the $700,000 range:
Although there isn’t an exact median dollar amount stated in the report, it is still a significant change compared to the median asking price of condominiums completed in the fourth quarter of 2015 ($501,900) and in the first quarter of 2015 ($539,000).