{"id":729,"date":"2017-02-10T00:00:00","date_gmt":"2017-02-10T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-are-soaring-to-new-highs\/"},"modified":"2017-02-10T00:00:00","modified_gmt":"2017-02-10T00:00:00","slug":"home-prices-are-soaring-to-new-highs","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-are-soaring-to-new-highs\/","title":{"rendered":"Home Prices Are Soaring to New Highs"},"content":{"rendered":"

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Home price<\/a> appreciation picked up speed in the final three months of 2016, prompting the majority of metro areas to soar to new record highs with home prices, the National Association of REALTORS\u00ae\u2019 latest quarterly report reveals. Of the 150 markets NAR has tracked since 2005, 52 percent \u2013 or 78 \u2013 now have a median sales price that is at or above its previous all-time high.<\/p>\n

The fourth quarter of 2016 proved to be a strong one for home price appreciation. The median existing single-family home price rose in 89 percent of the measured markets. Thirty-one metro areas out of 178 saw double-digit gains.<\/p>\n

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5 Priciest Housing<\/a> Markets<\/strong><\/p>\n

The following housing markets were the most expensive in the fourth quarter:<\/p>\n

    \n
  1. San Jose, Calif.: $1,005,000 (median existing single-family home price)<\/li>\n
  2. San Francisco: $837,500<\/li>\n
  3. Anaheim-Santa Ana, Calif.: $742,200<\/li>\n
  4. Honolulu: $740,200<\/li>\n
  5. San Diego: $593,000<\/li>\n<\/ol>\n

    5 Least Expensive Housing Markets<\/strong><\/p>\n

    The following were the least expensive housing markets in the fourth quarter:\u00a0<\/p>\n

      \n
    1. Youngstown-Warren-Boardman, Ohio: $87,600<\/li>\n
    2. Decatur, Ill.: $92,400<\/li>\n
    3. Cumberland, Md.: $94,000<\/li>\n
    4. Rockford, Ill.: $109,500<\/li>\n
    5. Binghamton, N.Y.: $109,700<\/li>\n<\/ol>\n

      Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n

      \u201cBuyer interest stayed elevated in most areas thanks to mortgage<\/a> rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cAt the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.\u201d<\/p>\n

      In the fourth quarter, the national median existing single-family home price was $235,000 \u2013 up 5.7 percent from the fourth quarter of 2015 ($222,3000).<\/p>\n

      Inventories of homes for-sale remain tight. At the end of the fourth quarter, 1.65 million existing homes were available for sale, which is 6.3 percent below year ago levels and the lowest level since NAR began tracking the supply of all housing types in 1999.<\/p>\n

      \u201cDepressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,\u201d Yun says. \u201cThe exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.\u201d<\/p>\n

      Nationwide, a boost in home prices and mortgage rates at the end of the year slightly weakened affordability compared to a year ago. That came despite a solid uptick in the national family median income.<\/p>\n

      To buy a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $51,017; they would need an income of $48,332 for a 10 percent down payment; and they would need an income of $42,962 for a 20 percent down payment, according to NAR.<\/p>\n

      \u201cEven a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,\u201d Yun says. \u201cIncreased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.\u201d<\/p>\n

      Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n

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      [ad_1] Home price appreciation picked up speed in the final three months of 2016, prompting the … Home Prices Are Soaring to New Highs<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":730,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,625,62,12908,543,127,344,3833,3781,408,1295,41,818],"class_list":["post-729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-down-payment","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-housing","tag-housing-market","tag-housing-markets","tag-mortgage","tag-mortgage-rate","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/_h6XGbl9pF4","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8265,"url":"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/","url_meta":{"origin":729,"position":0},"title":"More Markets Hitting Record-High Home Prices","author":"Amazing Property","date":"February 13, 2018","format":false,"excerpt":"It\u2019s a good time to be a homeowner: Nearly two-thirds of housing markets across the country saw home prices at all-time highs in the fourth quarter of 2017, the National Association of REALTORS\u00ae reported Tuesday. By Region Here\u2019s a closer look at how existing-home sales fared in the fourth quarter\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Fb Regional Ehs 4qu Feb17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6890,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","url_meta":{"origin":729,"position":1},"title":"NAR: Home Prices Accelerate in Third Quarter","author":"Amazing Property","date":"November 1, 2017","format":false,"excerpt":"Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS\u00ae reported Thursday.\u00a0 The national median existing single-family home price in the third quarter was $254,000, up 5.3 percent from the median a year ago\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Regional Ehs 3qu17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8040,"url":"https:\/\/amazingproperty.com.ng\/blog\/cities-breaking-records-for-price-appreciation\/","url_meta":{"origin":729,"position":2},"title":"Cities Breaking Records for Price Appreciation","author":"Amazing Property","date":"February 5, 2018","format":false,"excerpt":"Strong demand and low inventories fueled home prices to record highs in 2017, as the median home price in the U.S. reached $235,000, up 8.3 percent from 2016, according to real estate data firm ATTOM Data Solutions. Still, annual price appreciation showed signs of slowing; in 2016, the national median\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1517860283 1 Rss.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/1517860283_1_rss.png?fit=599%2C586&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/1517860283_1_rss.png?fit=599%2C586&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/1517860283_1_rss.png?fit=599%2C586&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7092,"url":"https:\/\/amazingproperty.com.ng\/blog\/realtor-com-housing-boom-is-officially-back\/","url_meta":{"origin":729,"position":3},"title":"Realtor.com\u00ae: Housing Boom Is Officially Back","author":"Amazing Property","date":"November 13, 2017","format":false,"excerpt":"Housing prices have returned to the \u201cboom levels\u201d of a decade ago, but this time around, the fast appreciation is being fueled by strong supply-and-demand dynamics rather than predatory lending practices, investor speculation, and too much construction, according to new realtor.com\u00ae data released Monday. \u201cAs we compare today\u2019s market dynamics\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":673,"url":"https:\/\/amazingproperty.com.ng\/blog\/expect-more-gripes-about-home-affordability\/","url_meta":{"origin":729,"position":4},"title":"Expect More Gripes About Home Affordability","author":"Amazing Property","date":"February 8, 2017","format":false,"excerpt":"[ad_1] Housing affordability dropped to the lowest level in seven years at the end of 2016. It now takes 22.2 percent of a person\u2019s median income to make the monthly principal and interest payment on a median-priced home, according to new findings from Black Knight Financial Services. That amounts to\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":653,"url":"https:\/\/amazingproperty.com.ng\/blog\/44-of-markets-zoom-to-record-price-highs\/","url_meta":{"origin":729,"position":5},"title":"44% of Markets Zoom to Record Price Highs","author":"Amazing Property","date":"February 6, 2017","format":false,"excerpt":"[ad_1] Among 201 metro areas with populations of at least 200,000, 89 of those metros \u2013 or 44 percent \u2013 reached new all-time home price peaks in 2016, according to new data released by ATTOM Data Solutions. Read more: Sellers See Biggest Profits Since 2007 Notably, markets reaching new price\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=729"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/730"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}