The headstrong supply and demand imbalances in much of the country tempered the pace of sales and caused home prices to maintain their robust growth in the second quarter, according to the the National Association of Realtors.
The national median existing single-family home price in the second quarter was $255,600, which is 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.
Lawrence Yun NAR chief economist, said home prices in most metro areas continued their fast ascent because supply remained low. “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.”
Added Yun, “The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments.”