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NAR: Home prices are still rising in most markets


The U.S. housing market may be slowing down, but home prices are not yet widely falling, the National Association of Realtors (NAR) reported on Thursday. 

Sales prices ran solidly ahead of last year in nearly all major markets during the summer, the trade group said.

existhomeThe U.S. median home price stood at $266,900 in the July-through-September, third-quarter period, which was up 4.8 percent compared to the third quarter of 2017, the trade group said. The growth in the national median home price has slowed slightly from second quarter. Prices rose compared to a year earlier in 166 out of 178 measured markets, or 93 percent of the metros.

Eighteen of these markets experienced double-digit annual gains in the third-quarter, NAR said. 

NAR Chief Economist Lawrence Yun said the supply of upper-tier homes has improved, but a lack of homes in lower-end tiers continues to put pressure on prices and dampen sales. Home sales ran at an annualized pace of 5.3 million, down 2.4 percent compared to the pace a year earlier.

“A strong economy and consistent job growth should be driving up home sales; however, would-be homebuyers are struggling to find a home they can afford,” Yun said. “As mortgage rates continue to rise, reaching the decade’s highest rates this quarter, an increase in the supply of affordable homes has become even more important to help temper price growth across the country.”

The list of the nation’s most expensive markets in terms of the median sales price remains the same: San Jose ($1.3 million); San Francisco ($989,000); Anaheim ($830,000); urban Honolulu ($818,600); and San Diego ($650,000). 


 

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