Inside the Release: Home Prices on the Rise
Posted in Inside the Release, by Adam DeSanctis on May 11, 2015
We reported earlier this morning that home prices in metro areas throughout the country showed strong growth in the first three months of this year.
While the number of rising markets was mostly unchanged from last quarter (Q4 2014), the amount metro areas experiencing double-digit increases doubled. The reason? Increased sales from a year ago amidst no change in overall housing supply.
Homeowners throughout the country have enjoyed accumulating household wealth through the steady rise in home values. However, prices that are rising too quickly can be a challenge for buyers.
According to Lawrence Yun, NAR chief economist, sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth.
How fast did prices rise in your market in the first quarter? Here’s NAR Research’s data for single-family homes and condos/co-ops.
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