Home Prices Gain in Second Quarter

We have a great need for housing in Mohave County. Prices have risen to “bubblicious” levels once again. Most who grew up here can no longer afford to own a home. No relief yet…

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Home prices in the second quarter continued to rise in the majority of housing markets across the country.

Ninety-one percent of 178 metros tracked saw home price gains in the second quarter, according to the latest report from the National Association of REALTORS®, released Wednesday.

5 Priciest Markets in Q2

San Jose-Sunnyvale-Santa Clara, Calif., metro area: $1,330,000 (median existing single-family price) San Francisco-Oakland-Hayward, Calif.: $1,050,000 Anaheim-Santa Ana-Irvine, Calif.: $835,000 Urban Honolulu, Hawaii: $785,500 San Diego-Carlsbad, Calif.: $655,000.

5 Lowest Cost Markets in Q2

The five least expensive metro areas in housing in the second quarter were: Decatur, Ill.: $97,500 Youngstown-Warren-Boardman, Ohio: $107,400 Cumberland, Md.: $117,800 Binghamton, N.Y.: $119,300 Elmira, N.Y.: $119,400.

The national median existing single-family home price was $279,600 in the second quarter, up 4.3% from a year ago.

Ninety-three of the 178 metros tracked saw price growth of 5% or more. Ten metro areas posted double-digit increases, mostly in more modestly priced markets like Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt.; and Atlantic City-Hammonton, N.J.

Tight inventory conditions, particularly at lower price points, are prompting home prices to accelerate in several markets, notes Lawrence Yun, NAR’s chief economist.

Source: NAR: Home Prices Post More Gains in Second Quarter | Realtor Magazine

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