The national median existing single-family home price increased 5.7 percent during the first quarter of 2018 compared with the same period last year, jumping from $232,200 to $245,500, according to the National Association of Realtors.
The continued price hikes are a result of record-low inventory levels, according to NAR Chief Economist Lawrence Yun.
Total existing-home sales decreased 1.5 percent to a seasonally adjusted rate of 5.51 million during the first quarter, down from 5.59 million in the fourth quarter of 2017. Sales were 1.7 percent lower than the 5.60 million pace in the first quarter of 2017.
Regionally, existing-home sales dropped 8.1 percent in the Northeast during the first quarter compared with last year and median existing single-family home price increased 4.6 percent to $267,400. In the Midwest, home sales were 1.8 percent below last year’s sales, and the median single-family home price grew 5.9 percent to $187,100 during the quarter. Sales in the South during the quarter were 0.7 percent higher than in the first quarter of 2017, with the median home price growing 5.5 percent to $220,400. Sales in the West were 2.2 percent below last year’s sales, and the median home price increased 8.2 percent from last year, rising to $371,300.