The National Association of Realtors (NAR) is reporting that a number of metro areas had double digit price growth in the 1st quarter, compared the prior quarter.
The culprit for the continuation of price increases is largely due to shrinking inventory. The existing single family home price increased in 148 of the 174 metro areas monitored by NAR. Median existing home prices rose to $202,200 in the 1st quarter, a 7.4% increase over the 1st quarter of 2014.
2 million existing homes were available at the end of the 1st quarter and the average supply dropped to 4.6 months of housing inventory. In the first quarter or 2014 the existing home inventory was 4.9 months.
Andrew Gifford, Lic. Real Estate Broker
Gifford Properties & Management, Inc.