Nearly Two-Thirds of U.S. Housing Markets See Home Prices Hit All-Time High #realestate #homeownership #investment

Source:  Housing Wire

As housing inventory sank to its all-time low during the fourth quarter, home prices increased, creating all-new highs in many U.S. markets, according to the latest quarterly report form the National Association of Realtors.

The national median existing single-family home price in the fourth quarter came in at $247,800, up 5.3 percent from $235,400 in the fourth quarter of 2016.  During the third quarter, home prices increased 5.6 percent from the third quarter of 2016.

Single-family home prices increased in 92 percent of measured markets, or 162 out of 177 metropolitan statistical areas.  In fact, 15 percent of metro areas saw double digit increases, and now 64 percent of markets reached a new all-time high in home prices.  This is up by 18 metros from last quarter.

Total existing home sales, including single family and condos, increased 4.3 percent during the fourth quarter to a seasonally adjusted annual rate of 5.62 million, up from 5.39 million in the third quarter.  This is also up 1.3 percent from the 5.55 million pace in the fourth quarter of 2016.

But due to these higher levels of home sales, existing homes for sale shrank 10.3 percent from the 1.65 million homes at the end of the fourth quarter of 2016 to an average supply of just 3.5 months.  This represents a new low in housing inventory and is down from 4.2 months of supply in the fourth quarter of the previous year.

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