DataMarkets & Economy

NAR releases Q2 median condo prices in major metros

A slow start to 2016 picked up across some metro areas, NAR says
  • Nationwide median price for condos increased 4.8 percent annually to $227,200 in the second quarter.
  • Median price for condos in the San Francisco-Oakland metro increased 12.1 percent since the second quarter of 2015, to $725,900.
  • Median price for condos decreased 10.6 percent year-over-year in Los Angeles-Long Beach-Glendale.

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Trump Tower on Fifth Avenue in New York City | DW labs Incorporated / The National Association of Realtors' Metropolitan Median Area Prices and Affordability Report shows affordability becoming less prevalent compared to last year. Only 16 percent (29 out of 178) of metro statistical areas had a lower median price in the second quarter of 2016 than last year, NAR says. NAR Chief Economist Lawrence Yun said in a press that because homebuilding activity has waned and there's less new inventory, prices have grown beyond income growth in some areas. “Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” he said. The median price for a condo in America increased 4.8 percent since the second quarter of 2015, accoridng to the report, reaching $227,200 -- up $10,500 from 2015. As demand increased while new supply decreased, over 40 percent of homes sol...