Home » Bangor » U. S. Home Prices Up 6.2 Percent

U. S. Home Prices Up 6.2 Percent

According to the latest report by the National Association of Realtors, the national median existing home price in the second quarter was $255,600, up 6.2 percent from the second quarter of 2016 ($240,700) as the new peak quarterly median sales price. The median price during the first quarter increased 6.9 percent from the first quarter of 2016.
Single-family home prices last quarter increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas, showing sales price gains in the second quarter compared with the second quarter of 2016.
Lawrence Yun, NAR chief economist, says home prices in most areas continued their fast ascent in the second quarter because supply remained at pitiful levels. “The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” he said. “Listings typically flew off the market in under a month. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”
At the end of the second quarter, there were 1.96 million existing homes available for sale, which was 7.1 percent below the same time last year. The average supply during the second quarter was 4.2 months — down from 4.6 months in the second quarter of last year.
“Mortgage rates have subsided in recent months, which has somewhat helped take away the sting of rising prices.” added Yun.

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