According to the latest quarterly report by the National Association of REALTORS, the median existing single-family home price rose in 154 of 178 of the major metro areas across the U.S and increased by 6.3 percent compared to the last year to $217.600 in Q1 2016.
“The solid run of sustained job creation and attractive mortgage rates below 4 percent spurred steady demand for home purchases in many local markets,” says Lawrence Yun, NAR’s chief economist.
“Unfortunately, sales were somewhat subdued by supply and demand imbalances and broadly rising prices above wage growth. As a result, the path to home ownership so far this year remains strenuous for a segment of prospective buyers in the most competitive areas.”
Total existing-home sales – which include single-family and condo sales – climbed 1.7 percent to a seasonally adjusted annual rate of 5.29 million in the first quarter. Existing-home sales are 4.8 percent higher than the 5.05 million pace a year ago.Only 24 areas or 13 percent of the metro areas analyzed posted lower median prices compared to a year earlier.