It certainly won’t come as news to anyone in the Bay Area but according to the National Association of Realtors®’ latest quarterly housing report the number of metro areas seeing double-digit price appreciation doubled in the first quarter of this year compared to last quarter. Once again it’s strong demand in combination with tight inventory that continues to push up housing prices throughout the country
Of the 174 metro areas that NAR tracks 148 saw an increase in the median xisting single-family home price. Nationwide only 25 areas recorded lower median prices compared to last year, while 51 metros saw double-digit increases, certainly a steep rise from the 24 metro areas in the fourth quarter of 2014.
According to analysts, by the close of 2014 home prices had “mostly moderated to healthier, more sustainable levels of growth” but prices are sharply increasing again with the median existing single-family home price in the first quarter now at $205,200 nationwide, up 7.4 percent from the first quarter of 2014.
Meantime, inventory remains tight with the average supply during the first quarter at 4.6 months – down from 4.9 months in 2014.