Realtors Say Ultra-Tight Inventories Made Q3 Housing “Underwhelming”

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Posted To: MND NewsWire

The rate of appreciation slowed a bit, but home prices both nationally and in most major metropolitan areas grew substantially in the third quarter of 2017. The National Association of Realtors® (NAR), which released the price data on Thursday, said tight inventory kept home prices rising “at a steady clip,” while it also pinched sales growth. The median price nationally of an existing single-family home in the third quarter was $254,000, up 5.3 percent from the same quarter in 2016. The second quarter year-over-year gain was 6.1 percent. NAR tracks prices in 177 metropolitan statistical areas (MSAs) and prices in 162 of them (92 percent) showed increases in the third quarter compared to 93 percent a year earlier. Fifteen MSA’s (8 percent) recorded lower median prices year-over-year. Metro…(read more)

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