HOME PRICES ROSE, AS DID FOR-SALE INVENTORY, IN Q1
Homes-for-sale inventory increased and metro market prices rose in the first quarter of 2019, but at a slower pace than the previous quarter, according to the latest quarterly report by the National Association of Realtors®.
The national median existing single-family home price in the first quarter was $254,800, up 3.9% from the first quarter of 2018 ($245,300).
Despite recent rebounds in the U.S. homeownership rate, minority home buyers continue to struggle to recover from the foreclosure crisis.
Single-family home prices increased in 86% of measured markets last quarter, with 153 of 178 metropolitan statistical areas1 showing sales price gains compared to the first quarter of a year ago. Thirteen metro areas (7%) experienced double-digit increases, down from 14 in 2018’s fourth quarter.
The five most expensive housing markets in the first quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,220,000; San Francisco-Oakland-Hayward, Calif., $930,000; Anaheim-Santa Ana-Irvine, Calif., $800,000; Urban Honolulu, Hawaii $794,100; and San Diego-Carlsbad, Calif., $620,000.