The median existing single-family home price in the first quarter of 2017 was $232,100, a 6.9 percent increase compared with $217,200 in the first quarter of 2016, according to the National Association of Realtors.
The median existing single-family home price in the first quarter of 2017 was $232,100, a 6.9 percent increase compared with $217,200 in the first quarter of 2016, according to the National Association of Realtors.
NAR Chief Economist Lawrence Yun said in a statement that price appreciation grew due to continual supply shortages.
“Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” he said. “Those able to successfully buy most likely had to outbid others—especially for those in the starter-home market—which in turn quickened price growth to the fastest quarterly pace in almost two years.”
Single-family home prices increased in 85 percent of measured markets, according to the NAR.
The most expensive housing markets in the first quarter were San Jose, Calif., where the median existing single-family home price was $1.07 million; San Francisco, $815,000; Anaheim-Santa Ana, Calif., $750,000; urban Honolulu, $746,000; and San Diego, $564,000.
The lowest-costing housing markets were Youngstown-Warren-Boardman, Ohio, $79,200; Cumberland, Md., $81,800; Decatur, Ill., $86,100; Elmira, N.Y., $90,000; and Binghamton, N.Y., $91,200.