Home prices increased in 94% of metro areas in the fourth quarter of 2019, according to the National Association of Realtors.
The national median existing single family home price grew 6.6% compared with the fourth quarter of 2018, climbing to $274,900.
“It is challenging, especially for those potential buyers, where we have a good economy, low interest rates and a soaring stock market, yet are finding very few homes available for sale,” NAR Chief Economist Lawrence Yun said in a statement. “We saw prices increase during every quarter of 2019 above wage growth.”
The number of existing homes for sale at the end of the quarter, 1.40 million, was 8.5% less compared with the end of the fourth quarter of 2018.
The largest price home gain percentage jumps in Q4 2019 were in Trenton, N.J. (18.2%), Boise City-Nampa, Idaho (13.7%), and Gulfport-Biloxi, Miss. (11.8%), according to NAR.
The full NAR report can be found here.