{"id":16350,"date":"2019-11-08T15:23:23","date_gmt":"2019-11-08T15:23:23","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=16350"},"modified":"2019-11-08T15:23:24","modified_gmt":"2019-11-08T15:23:24","slug":"re-acceleration-in-home-prices","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/re-acceleration-in-home-prices\/","title":{"rendered":"Re-Acceleration in Home Prices"},"content":{"rendered":"

Re-Acceleration in Home Prices<\/h1>\n
\"Re-Acceleration<\/a>

Re-Acceleration in Home Prices<\/p><\/div>\n

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Good news for sellers: Home prices are on the rise. But buyers should brace for higher prices.<\/p>\n

Nearly all\u201493%\u2014of the largest metros in the U.S. saw home prices rise in the third quarter over the past year. A shortage of homes for sale, combined with higher demand, continues to push home prices higher, according to the latest quarterly report from the National Association of REALTORS\u00ae, released Thursday.<\/p>\n

The national median existing single-family home price in the third quarter was $280,200, a 5.1% increase from a year ago.<\/p>\n

\u201cIncremental price increases are to be expected, but the housing market has been seeing re-acceleration in home prices as more buyers want to take on lower interest rates in the midst of insufficient supply,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cUnfortunately, income and wages are not rising as fast and will make it difficult to buy once rates rise.\u201d<\/p>\n

Ninety-six out of 178 metros that NAR tracked saw home price growth of 5% or higher. Ten metros saw double-digit increases in the third quarter annually, led by Montgomery, Ala. (12.6%); Spokane-Spokane Valley, Wash. (12.6%); and Salt Lake City (12%).<\/p>\n

Yun has repeatedly called on the new-home industry to build more to meet the growing demand. He acknowledges there has been some progress. \u201cIn some markets, yes, we\u2019re seeing construction companies ramp up plans to build more houses,\u201d Yun says. \u201cBut in an overall comparison of 2019 and 2018, fewer homes have been built. So, hopefully home builders will expand their plans in order to better address the national inventory shortage.\u201d<\/p>\n

At the end of the third quarter, 1.83 million existing homes were available for sale. That is 2.7% less than the year ago. The average supply during the third quarter was 4.1 months.<\/p>\n

While the majority of metros saw higher prices in the third quarter, a few markets did register lower prices, notably in areas long-known for high costs. Single-family median home prices moderated in the third quarter in markets such as San Jose-Sunnyvale-Santa Clara, Calif. (\u20134.6%); San Francisco-Oakland-Hayward, Calif. (\u20132.5%); and San Diego-Carlsbad, Calif. (\u20130.8%).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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National Association of REALTORS(R)<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Re-Acceleration in Home Prices Good news for sellers: Home prices are on the rise. But buyers should brace for higher prices. Nearly all\u201493%\u2014of the largest metros in the U.S. saw home prices rise in the third quarter over the past year. A shortage of homes for sale, combined with higher demand, continues to push home … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-16350","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nRe-Acceleration in Home Prices - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Home Prices are showing a Re-Acceleration as 2019 comes to a close. 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