The national median existing single-family home price in the fourth quarter of 2015 was $222,700, an increase of 6.9 percent from the same period in 2014 ($208,400), according to the National Association of Realtors.
The national median existing single-family home price in the fourth quarter of 2015 was $222,700, an increase of 6.9 percent from the same period in 2014 ($208,400), according to the National Association of Realtors.
Meanwhile, existing-home sales in the fourth quarter of 2015 declined 5.4 percent to a seasonally adjusted annual rate of 5.18 million versus 5.48 million in the third quarter, but are 2.4 percent higher than the 5.06 million pace in the fourth quarter of 2014.
“Even with slightly cooling demand, the unshakeable trend of inadequate supply in relation to the overall pool of prospective buyers inflicted upward pressure on home prices in several metro areas,” said Lawrence Yun, NAR chief economist, in a statement. “As a result, homeownership continues to be out of reach for a number of qualified buyers in the top job producing, but costliest, parts of the country—especially on the West Coast and parts of the South.”
The five most expensive housing markets in the fourth quarter of 2015 by median price were San Jose, Calif., $940,000; San Francisco, $781,600; Honolulu, $716,600; Anaheim-Santa Ana, Calif., $708,700; and San Diego, $546,800.
The least expensive housing markets were Youngstown-Warren-Boardman, Ohio, $81,200; Cumberland, Md., $86,100; Rockford, Ill., $87,600; Decatur, Ill., $90,000; and Wichita Falls, Texas, $101,900.