The median existing single-family home price in the United States for the first quarter of 2018 was 245,500 U.S. dollars, up 5.7 percent from the same period of 2017, the National Association of Realtors (NAR)said on Monday.
In its latest quarterly report, NAR said the inventory levels hovering at all-time lows continuously weighed on home sales and fueled faster price appreciation.
During the fourth quarter of 2017, the median sales price climbed 5.3 percent from the same period of 2016.
"The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets," said Lawrence Yun, NAR's chief economist.
At the end of the first quarter, there were 1.67 million existing homes available for sale, which was 7.2 percent below the 1.80 million homes for sale at the end of the first quarter in 2017. The average supply during the first quarter was 3.5 months, down from 3.7 months in the same period last year.
Home shoppers have been increasingly struggling to find an affordable property to buy, Yun added.
As a result, total existing-home sales, including single-family and condos, decreased 1.5 percent to a seasonally adjusted annual rate of 5.51 million in the first quarter from 5.59 million in the fourth quarter of 2017, revealed the NAR report.
In its latest quarterly report, NAR said the inventory levels hovering at all-time lows continuously weighed on home sales and fueled faster price appreciation.
During the fourth quarter of 2017, the median sales price climbed 5.3 percent from the same period of 2016.
"The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets," said Lawrence Yun, NAR's chief economist.
At the end of the first quarter, there were 1.67 million existing homes available for sale, which was 7.2 percent below the 1.80 million homes for sale at the end of the first quarter in 2017. The average supply during the first quarter was 3.5 months, down from 3.7 months in the same period last year.
Home shoppers have been increasingly struggling to find an affordable property to buy, Yun added.
As a result, total existing-home sales, including single-family and condos, decreased 1.5 percent to a seasonally adjusted annual rate of 5.51 million in the first quarter from 5.59 million in the fourth quarter of 2017, revealed the NAR report.
Latest comments