Forbes: Home Prices Continue to Rise in Metro Markets

According to a new report from the National Association of Realtors, the national median of existing single-family home prices climbed 6.9 percent in the first quarter of 2017.

During the first three months of 2017, the housing industry saw its quarterly sales grow to their strongest point in exactly a decade. According to a report from the National Association of Realtors cited by Forbes, that strong sales pace put downward pressure on inventory while helping metro home prices accelerate for the third consecutive quarter.

Lawrence Yun, NAR chief economist, told Forbes, “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. 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.”

The national median of existing single-family home prices in the first quarter of 2017 was $232,100, which is a 6.9 percent jump from the same quarter the year before. It’s also the fastest growth that the industry has seen since the second quarter of 2015. Single-family home prices also increased last quarter in 85 percent of measures markets, in addition to the thirty metro areas that experienced double-digit increases. Total existing home sales—including single-family homes and condos—rose by 1.4 percent.

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