Home Prices Driven up by Inventories, Again

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Posted To: MND NewsWire

Not only did the pace of home price increases quicken nationally during the first quarter of 2018, but the National Association of Realtors® (NAR) said those increases are felt in most metropolitan areas . The national median existing single-family home price in the first quarter was $245,500. This is a year-over-year increase of 5.7 percent from the median of $232,000 in the same quarter last year. The annual increase in the fourth quarter was 5.4 percent. Increases from the first quarter of 2017 were felt in 91 percent, or 162 of the 178 metro markets tracked by NAR. Fifty-three of the areas, or 30 percent of the total, saw prices increase by double digits. Only 15 percent had increases of that magnitude in the fourth quarter of 2017. Lawrence Yun, NAR’s chief economist, again said it…(read more)

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