The National Association of Realtors (NAR) released the results of their Metropolitan Median Area Prices and Affordability and Housing Affordability Index for the second quarter of 2015. Analyzing single-family home price data in over 170 Metropolitan Statistical Areas (MSAs), the NAR found that 93% of the markets they measured experienced increases in their median existing single-family home price. On a national level, the median existing single-family home price was up 8.2% ($229,400) from the same time last year when it was $212,000.
NAR chief economist, Lawrence Yun, stated, “Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring. While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”
In the Boise City-Nampa, Idaho MSA, the median existing single-family home price was $190,100 in the second quarter of 2015. That price was 8.9% greater than the same time last year. Read the full press release at http://bit.ly/1MiIgIA.