The median existing single-family home price rose in 89 percent of 178 metro areas in the fourth quarter of 2016 compared with gains in 81 percent of markets in the fourth quarter of 2015, according to the National Association of Realtors.
The median existing single-family home price rose in 89 percent of 178 metro areas in the fourth quarter of 2016 compared with gains in 81 percent of markets in the fourth quarter of 2015, according to the National Association of Realtors.
Fourth quarter median home price gains also outpaced the 87 percent of metro areas that saw an increase in prices in the third quarter of 2016.
The national median existing single-family home price in the fourth quarter was $235,000, up 5.7 percent from $222,300 in the fourth quarter of 2015.
“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” said Lawrence Yun, NAR chief economist, in a statement. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”
The five most expensive housing markets in the fourth quarter were San Jose, Calif., with a median existing-home price of $1,005,000; San Francisco, $837,500; Anaheim-Santa Ana, Calif., $745,200; Honolulu, $740,200; and San Diego, $593,000.
The five lowest-cost metro areas were Youngstown-Warren-Boardman, Ohio, $87,600; Decatur, Ill., $92,400; Cumberland, Md., $94,000; Rockford, Ill., $109,500; and Binghamton, N.Y., $109,700.
