Single-family home prices in the last quarter of 2017 increased in 92 percent of measured markets, with 162 out of 177 metropolitan statistical areas showing sales price gains in the fourth quarter compared with a year ago, according to data from the National Association of Realtors.
Single-family home prices in the last quarter of 2017 increased in 92 percent of measured markets, with 162 out of 177 metropolitan statistical areas showing sales price gains in the fourth quarter compared with a year ago, according to data from the National Association of Realtors.
The majority of the country saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on inventory levels, which are at an all-time low, and prices, NAR said.
The national median existing single-family home price in the fourth quarter was $247,800, a 5.3 percent increase from the fourth quarter of 2016, when it was $235,400.
“Remarkably, home prices have risen a cumulative 48 percent since 2011, yet during this same time frame, incomes are up only 15 percent. In the West region, where very healthy labor markets are driving demand, the gap is even wider,” said Lawrence Yun, NAR chief economist, in a statement.
In the fourth quarter, total existing-home sales, including single-family and condos, increased 4.3 percent to a seasonally adjusted annual rate of 5.62 million from 5.39 million in the third quarter. Sales were 1.3 percent higher than the 5.55 million pace during the fourth quarter of 2016.
At the end of the fourth quarter, there were 1.48 million existing homes available for sale, 10.3 percent below the 1.65 million homes for sale at the end of the fourth quarter in 2016. The average supply during the fourth quarter was 3.5 months, down from 4.2 months in the fourth quarter of 2016.
