WASHINGTON–No surprise for credit union lenders here, as new data has found home prices continued to rise in 90% of U.S. metro areas during the third quarter of 2017.
According to the National Association of Realtors (NAR), the national median home price jumped 6.1% over the second quarter of this year.
Home prices rose in more than 90% of America’s metro areas last quarter, according to a new report from the National Association of Realtors (NAR). The national median home price jumped 6.1% over Q2.
According to NAR, its Metropolitan Median Area Prices and Affordability report found that for the Q3 2017 the nation’s median home price was $254,000 — up from $241,300 in the third-quarter of 2016. At the metro level, 162 out of 177 MSAs, or metropolitan statistical areas, experienced home price gains in Q3 — the most since 2015, when prices rose in 93% of MSAs, the NAR reported.
Nineteen metropolitan areas — about 11% of all MSAs — experienced price increases in the double digits, but that figure is down from Q2’s 23%. The metro with the biggest jump in median price was San Jose, California at 16.5%.
“The stock market's climb to new record highs, the continued stretch of outstanding job growth and mortgage rates under 4% kept homebuyer demand at a very robust level throughout the summer,” said Lawrence Yun, NAR’s chief economist, in a statement. “Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability.”