NAR Predicts Continued Home Price Increase
The National Association of Realtors predicts that home prices will continue to increase, despite the rising mortgage rates. “Year-over-year prices are up in 99% of the 180 markets we track,” according to Dr. Jessica Lautz, vice president, demographics and behavioral insights. “We’ve seen a nearly 15% increase in home prices and more than 10 years (123 months) of price gains. The market is still seeing a strong demand, but it’s leveling to a more normal pace.”
Despite the decreases last month in home sales, prices remain strong. The median existing-home price exceeded $400,000 for the first time on record, reaching $407,600—up 14.8% from a median of $355,000 a year ago, NAR reports. Here are some additional key housing indicators from NAR’s May existing-home sales report.
As far as the number of resale homes, the Northeast is the only region of the country to see the numbers increase in May at an annual rate of 680,000. However, sales were down 9.2% from a year ago. Median price: $409,700, a 6.7% uptick from one year ago. Median prices were up between 9.5% and 20.6% for other regions, though unlike the northeast, the number of sales dropped in each.
Source: Kim Shindle, Pennsylvania Association of Realtors. www.parealtors.org
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