NAR: Median Home Prices Up 4.8 Percent

Nov 01, 2018

The national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from $254,7000 in the third quarter of 2017, according to new data from the National Association of Realtors (NAR).

Single-family home prices increased in 166 of the 178 metro areas, or 93 percent, tracked by NAR, with 18 metro areas recording double-digit increases. San Jose was the most expensive metro, with a median existing single-family price of $1.3 million, while Ohio’s Youngstown-Warren-Boardman metro had the lowest price at $97,600. While prices were on the rise, annualized total existing-home sales were down in the third quarter by 2.6 percent to a seasonally adjusted annual rate of 5.273 million.

“Though inventory is more than adequate on the upper-end market, the insufficient supply of low to mid-priced homes in metro markets with strong job growth continues to drive up prices and push prospective buyers out of the market,” said Lawrence Yun, NAR Chief Economist.

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Phil Hall

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Nov 01, 2018

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