Describing the third quarter of 2015 as the best “in nearly a decade,” the National Association of Realtors’ (NAR) Chief Economist, Lawrence Yun, attributed the steady increase in median home prices to a favorable combination of buyer demand, improved local markets, and low interest rates.
Out of the 178 metropolitan statistical areas (MSAs) the NAR analyzed in the third quarter, the NAR reported that 87% saw gains compared to the same time last year. Nationally, the median existing single-family home price grew by 5.5% to $229,000 compared to the third quarter 2014 when the median was $217,100. In the Boise City-Nampa, Idaho MSA, the median home price was 8.4% higher on a year-over-year basis, reaching $192,000.
Existing-home sales also increased on a quarterly and annual basis. Compared to the second quarter, existing-home sales in third quarter 2015 rose by 3.4% and were 8.3% higher than in third quarter 2014. Yun stated, “While price growth still teetered near or above unhealthy levels in some markets, the good news is that there was some moderation despite the stronger pace of sales.” Read the full article at http://bit.ly/20S5YlY.