The median existing single-family home price rose in 148 of 174 metro areas in the first quarter of 2015 compared with the same time period last year, and the number of areas experiencing double-digit price growth doubled to 37 since last quarter, according to the National Association of Realtors.
That national median existing single-family home price in the first quarter of 2015 was $205,200, an increase of 7.4 percent from the $191,100 figure observed a year ago.
Total existing-home sales decreased 1.8 percent to a seasonally adjusted annual rate of 4.97 million in the first quarter of 2015 compared with the fourth quarter of 2014, but they were still higher than the 4.67 million pace during the first quarter of 2014.
“Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market,” said Lawrence Yun, NAR chief economist, in a statement. “However, stronger demand without increasing supply led to faster price growth in many markets.”
There were 2 million existing homes available for sale at the end of the first quarter of 2015, more than the 1.96 million homes available at the end of the first quarter in 2014.
The most expensive housing market was in San Jose, Calif, where the median existing single-family home price was $900,000. The least expensive metro area was Youngstown-Warren-Boardman, Ohio, where $64,300 was the median single-family home price.
