The National Association of Realtors (NAR) analyzed home price data in 173 metropolitan statistical areas during the 2nd quarter of 2014 and found a moderation in growth. Nationally, the median existing single-family home price rose 4.4% in the 2nd quarter to $212,400 compared to the same time last year when the median was $203,400. This growth rate was slower than in the 1st quarter of 2014 when the median existing single-family home price rose 8.3% compared to the 1st quarter of 2013.
NAR Chief Economist, Lawrence Yun, noted that the moderation in home price growth would help bring balance to the market, thus benefiting both buyers and sellers. Yun further stated, “National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels give the current pace of inflation and wage growth. At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”
In the West, the median existing single-family home price grew by 7.3% ($297,400) in the 2nd quarter compared to 2nd quarter 2013. Read more at http://bit.ly/1q8TKjk.