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Home Prices in U.S. Rise 4.8 Percent Annually in Third Quarter

November 02, 2018 / Monsef Rachid

According to the latest quarterly report by the National Association of Realtors, low housing inventory levels of moderately priced homes continue to stifle home sales, maintaining the trend of increasing metro market prices. The national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from the third quarter of 2017 ($254,700). The median sales price in the second quarter increased 4.9 percent from the second quarter of 2017. Single-family home prices increased in 93 percent of measured markets last quarter, with 166 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the third quarter compared to a year ago. Eighteen metro areas (10 percent) experienced double-digit increases, down from 24 in the second quarter.