The National Association of Realtors are reporting that home prices continued their meteoric rise across the country with the median existing single-family home price reaching $240,700 in the 2nd quarter of 2016 – up 4.9% from the second quarter of 2015. The honor of the highest median home price in the nation goes to San Jose, CA which now tops $1 million. In case you were wondering, San Francisco wasn’t too far behind coming in at $885,600. Overall, total existing national home sales rose 3.8% to a seasonally annual rate of 5.50 million in the second quarter of 2016 – 4.2% higher than the second quarter of 2015.
Click on the interactive map below to see how the various metro areas measure up:
“…a faster pace of home sales amidst languishing inventory levels pushed home prices higher in most metro areas during the second quarter.”
“Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” he said. “However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent – and in many markets at a rate well above income growth.” Said Lawrence Yun, NAR’s Chief Economist.
Click here to read the full report on Realtor.org.
