The median existing single-family home price in the first quarter of 2016 increased 87 percent—154 out of 178 measured metros—compared with the first quarter of 2015, according to the National Association of Realtors.
There were also more markets with higher median home prices in the first quarter than in the fourth quarter of 2015, which saw 81 percent of metros report higher median prices.
The median existing single-family home price in the first quarter was $217,600, a year-over-year increase of 6.3 percent.
“The solid run of sustained job creation and attractive mortgage rates below 4 percent spurred steady demand for home purchases in many local markets,” said Lawrence Yun, NAR chief economist, in a statement. “Unfortunately, sales were somewhat subdued by supply and demand imbalances and broadly rising prices above wage growth.”
He added that, as a result, achieving homeownership this year is “strenuous” for segments of prospective buyers in competitive areas.
