Home prices nationwide continued their strong growth in the second quarter the National Association of Realtors says
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Home prices nationwide continued their strong growth in the second quarter the National Association of Realtors says.
The median existing single-family home price was $255,600, up 6.2% from a year earlier and beating the third quarter of 2016 ($241,300) as the new peak quarterly medium sales price.
There were higher single-family home prices in the second quarter of 2017 in 87% of the markets measured and 154 out of 178 metros showed sales price gains in the second quarter compared with a year earlier.
Twenty-three metros (13%) experienced double-digit increases but that was down from 17% in the first quarter. Twenty-three areas (13%) recorded lower median prices year over year.
Lawrence Yun, NAR’s chief economist said tight supply meant homes were selling in under a month in many areas. Improvement in the labor market has helped boost the demand for homes.
"The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments. An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth building benefits of homeownership," Yun said.
The five most expensive housing markets for a single-family existing home in the second quarter were the San Jose, CA ($1,183,400); San Francisco, ($950,000); Anaheim-Santa Ana, CA, ($788,000); urban Honolulu, ($760,600); and San Diego ($605,000).
The median existing single-family home price was $255,600, up 6.2% from a year earlier and beating the third quarter of 2016 ($241,300) as the new peak quarterly medium sales price.
There were higher single-family home prices in the second quarter of 2017 in 87% of the markets measured and 154 out of 178 metros showed sales price gains in the second quarter compared with a year earlier.
Twenty-three metros (13%) experienced double-digit increases but that was down from 17% in the first quarter. Twenty-three areas (13%) recorded lower median prices year over year.
Lawrence Yun, NAR’s chief economist said tight supply meant homes were selling in under a month in many areas. Improvement in the labor market has helped boost the demand for homes.
"The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments. An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth building benefits of homeownership," Yun said.
The five most expensive housing markets for a single-family existing home in the second quarter were the San Jose, CA ($1,183,400); San Francisco, ($950,000); Anaheim-Santa Ana, CA, ($788,000); urban Honolulu, ($760,600); and San Diego ($605,000).
