Burlingham / Shutterstock.com 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 single-family home price in America increased 4.9 percent since the second quarter of 2015, according to NAR. National median single-family home price was $240,700 by the end the second quarter, up $11,300 from 2015. As demand increased and new supply decreased, over 40 percent of homes so...
- The median single-family home price in America increased 4.9 percent since the second quarter of 2015, reaching $240,700.
- The highest median single-family home price in the country was in San Jose-Sunnyvale-Santa Clara metro, hitting $1.085 million.
- Four of the top five metros with highest median price were in California, with Urban Honolulu being the other area.
- The Houston-The Woodlands-Sugar Land metro saw an annual decrease of 1.7 percent in median home prices in the second quarter.