AgentIndustry News

NAR: Home prices increase as inventory shrinks

Due to strong demand, single-family home prices continuing upward climb

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Takeaways: NAR said single-family home prices increased in 93 percent of markets during the second quarter. Nineteen metro areas saw double-digit increases in the second quarter. The average supply during 2Q was 5.1 months, a decrease from the 5.5 months NAR reported in 2Q 2014. The strong seller’s market we have seen this summer season, and the impact it is having on housing inventory, is steadily pushing up home prices, according to the latest quarterly report by the National Association of Realtors. The association said single-family home prices increased in 93 percent of markets during the second quarter. A majority of metropolitan areas -- 163 out of 176, to be specific -- saw gains during the quarter when comparing results with the same period last year. By comparison, during the first quarter, NAR reported that price gains were recorded in 85 percent of metro areas. Nineteen metro areas saw double-digit increases in the second quarter. The nation...