Q4 Home Prices Up Four Percent

The national median existing single-family home price in during the fourth quarter of 2018 was $257,600, according to data from the National Association of Realtors (NAR). This is up four percent above the $247,800 price from the fourth quarter of 2017.

 

Single-family home prices increased in 163 of the 178 metro areas tracked by NAR, or 92 percent, with 14 metro areas recording double-digit increases, down from 18 in the third quarter. But while prices continued to rise, albeit at a slower pace than before, sales dropped. The total level existing-home sales—which included single-family homes and condos—was down 1.8 percent to a seasonally adjusted annual rate of 5.18 million in the fourth quarter from 5.27 million in the third quarter. The fourth quarter level is also 7.4 percent lower than the 5.59 million-pace during the fourth quarter of 2017.

 

Lawrence Yun, NAR’s Chief Economist, said home prices were rising “at a slower and healthier pace,” adding the West Coast was “undergoing the biggest shift with the slowest price gain and large buyer pullback.”

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