The median single-family home prices increased year-over-year in 94 percent of measured markets in the fourth quarter, with 170 of 180 metropolitan statistical areas reporting sales price gains. The national median existing single-family home price in the fourth quarter was $274,900, up 6.6 percent from the $258,000 price set in the fourth quarter of 2018.
Eighteen metro areas witnessed double-digit price growth last quarter, most notably Trenton, N.J. (18.2 percent) and Idaho’s Boise City-Nampa market (13.7 percent). Of the top 10 most expensive metro areas, only San Jose saw a year-over-year decline in single-family sales price with a 0.3 percent dip to a median price of $1.246 million.
But while prices were up, the selection of homes to buy remained a challenge. The fourth quarter ended with 1.4 million existing homes were available for sale, an 8.5 percent decline from one year earlier. The average supply during the fourth quarter of 2019 was 3.5 months, down from four months in the fourth quarter of 2018.
“It is challenging–especially for those potential buyers–where we have a good economy, low interest rates and a soaring stock market, yet are finding very few homes available for sale,” said Lawrence Yun, NAR chief economist. “We saw prices increase during every quarter of 2019 above wage growth.”