Home Prices Cool Somewhat, But Not in Metro Areas
{{#rendered}} {{/rendered}}Although the increase in prices for single-family cooled in the first quarter, many metropolitan regions are still showing double-digit annual gains.
A survey by the National Association of Realtors shows the median price for a previously-owned single-family home was $217,900 — up more than 10 percent from a year earlier. During the final three months of last year, prices had been up more than 13.5 percent, compared with the same period a year earlier.
Of the 149 metro areas surveyed, 60 regions had annual price growth in the double digits, while 16 showed price declines.
{{#rendered}} {{/rendered}}NAR Chief Economist David Lereah said the drop is due to increased home inventories. And he said second-quarter numbers will likely show most areas returning to rates of price growth in the single-digit range.