An uptick in existing-home sales in the final three months of 2017 pulled down housing inventory to an all-time low and kept home-price growth at its recent robust pace, according to the latest quarterly report by the National Association of Realtors, out Tuesday.
The national median existing single-family home price in the fourth quarter was $247,800, which is up 5.3% from the fourth quarter of 2016 ($235,400). The median price during last year’s third quarter climbed 5.6% from the third quarter of 2016.
Single-family home prices last quarter increased in 92% of measured markets, with 162 out of 177 metropolitan statistical areas (MSAs) showing sales price gains in the fourth quarter compared to a year ago. Twenty-six metro areas (15%) experienced double-digit increases (11% in the third quarter), and 18 metros eclipsed their previous peak sales price. Overall, home prices are now at their all-time high in 114 markets (64%).
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