The second quarter saw a spike in single-family median home prices in 91 percent of the metro areas tracked by the National Association of Realtors (NAR).
Out of the 178 metro areas studied by NAR, 162 recorded year-over-year increases in their single-family median home. The 91 percent level is higher than the 86 percent share in the first quarter. Curiously, some of the metro areas where prices declined were the most expensive housing markets, including San Jose (-5.3 percent), San Francisco (-1.9 percent) and Honolulu (-1.2 percent). The second quarter national median existing single-family home price of $279,600 is 4.3 percent higher than the $268,000 price in the second quarter of 2018 ($268,000).
Lawrence Yun, NAR’s chief economist, said home builders must bring more homes to the market to help keep prices stable.
“New home construction is greatly needed,” Yun said. “However, home construction fell in the first half of the year. This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result.”