Home Prices Increase

A promising increase in home sales throughout the country “amidst insufficient supply” caused home prices to steadily rise in most metro areas during the second quarter, according to the National Association of Realtors’(NAR) latest quarterly survey. The median existing single-family home price increased in 93 percent of measured markets, with 163 out of 176 metropolitan statistical areas (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier. The national median existing single-family home price in the second quarter was $229,400, up 8.2 percent from the second quarter of 2014 ($212,000). The median price during the first quarter of this year increased 7.1 percent from a year earlier.

The five most expensive housing markets in the second quarter were the San Jose, Calif., metro area, where the median existing single-family price was $980,000; San Francisco, $841,600; Anaheim-Santa Ana,Calif., $685,700; Honolulu, $698,600; and San Diego, $547,800.
The five lowest-cost metro areas in the second quarter were Cumberland, Md., where the median single-family home price was $82,400;Youngstown-Warren-Boardman, Ohio, $85,000; Rockford, Ill., $94,700; Decatur,Ill., $96,000; and Elmira, N.Y., $98,300.

“Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring,” said Lawrence Yun, NAR chief economist. “Whilethis led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”

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