{"id":8265,"date":"2018-02-13T00:00:00","date_gmt":"2018-02-13T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/"},"modified":"2018-02-13T00:00:00","modified_gmt":"2018-02-13T00:00:00","slug":"more-markets-hitting-record-high-home-prices","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/","title":{"rendered":"More Markets Hitting Record-High Home Prices"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"64.662693682956\"><!--paging_filter--><\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"\" src=\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2018_feb\/fb_regional_ehs_4QU-feb17.png\" style=\"width: 620px; height: 286px;\"\/><\/p>\n<p>It\u2019s a good time to be a homeowner: Nearly two-thirds of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> 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.<\/p>\n<blockquote readability=\"6.7581300813008\">\n<p><strong>By Region<\/strong><\/p>\n<p>Here\u2019s a closer look at how existing-home sales fared in the fourth quarter of 2017:<\/p>\n<ul>\n<li><strong>Northeast: <\/strong>Existing-home sales increased 10.1 percent in the fourth quarter but are 0.4 percent below levels a year ago. Median single-family <a href=\"https:\/\/amazingproperty.com.ng\/blog\/tips-for-house-price-negotiation\/\">home price<\/a>: $268,100, a 4.2 percent increase from a year ago.<\/li>\n<li><strong>Midwest:<\/strong> Existing-home sales rose 6 percent in the fourth quarter and are 2.3 percent higher than a year ago. Median single-family home price: $193,800, up from 7.2 percent a year ago.<\/li>\n<li><strong>South: <\/strong>Existing-home sales increased 3.8 percent in the fourth quarter and are 1.8 percent higher than the fourth quarter of 2016. Median single-family home price: $221,600, up 5 percent from a year ago.<\/li>\n<li><strong>West:<\/strong> Existing-home sales reached an annualized rate of 1.23 million, which is unchanged from the third quarter. Sales were up just 0.3 percent from a year ago. Median single-family home price: $374,400, up 7.2 percent from the fourth quarter of 2016.<\/li>\n<\/ul>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n<p>The national median existing single-family home price in the fourth quarter was $247,800, up 5.3 percent from a year ago. Ninety-two percent of the markets measured by NAR saw an uptick in single-family home prices. Twenty-six metros\u2014or 15 percent\u2014saw double-digit increases. Home prices are now at their all-time high in 64 percent of the markets NAR tracked.<\/p>\n<p>\u201cA majority of the country saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on inventory levels and prices,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cRemarkably, home prices have risen a cumulative 48 percent since 2011, yet during this same time frame, incomes are up only 15 percent. In the West region, where very healthy labor markets are driving demand, the gap is even wider.\u201d<\/p>\n<p>The increase in home prices is \u201ccertainly great news for homeowners, and especially for those who were at one time in a negative equity situation,\u201d Yun adds. \u201cHowever, the shortage of new homes being built over the past decade is really burdening local markets and making homebuying less affordable.\u201d<\/p>\n<p>At the end of the fourth quarter, there were 1.48 million existing homes available for sale, which is 10.3 percent lower than a year ago.<\/p>\n<p>\u201cWhile tight supply is expected to keep home prices on an upward trajectory in most metro areas in 2018, both the uptick in <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> rates and the impact of the new tax law on some high-cost markets could cause price growth to moderate nationally,\u201d says Yun. \u201cIn areas where homebuilding has severely lagged job creation in recent years, it\u2019s going to be a slow slog before there\u2019s enough new construction to cool price appreciation to a pace that aligns more closely with incomes.\u201d<\/p>\n<p>The national family median income increased to $74,492 in the fourth quarter. To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $55,585; a 10 percent down payment would require an income of $52,659; and a 20 percent down payment would require a $46,808 income, NAR reports.<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/8xTxMVA6r2k\/more-markets-hitting-record-high-home-prices\"> Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a good time to be a homeowner: Nearly two-thirds of housing markets across the country &hellip; <a title=\"More Markets Hitting Record-High Home Prices\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/\"><span class=\"screen-reader-text\">More Markets Hitting Record-High Home Prices<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":8266,"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":true,"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":[1403,15239,2890,625,62,12908,543,215,248,627,127,344,3781,408,1295,258,204,1007,41,818,479,15282,15309],"class_list":["post-8265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-construction","tag-down-payment","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homeowners","tag-homes","tag-housing","tag-housing-markets","tag-mortgage","tag-mortgage-rate","tag-new-home","tag-new-homes","tag-owners","tag-property","tag-real","tag-realtor","tag-ross","tag-ups"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":729,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-are-soaring-to-new-highs\/","url_meta":{"origin":8265,"position":0},"title":"Home Prices Are Soaring to New Highs","author":"Amazing Property","date":"February 10, 2017","format":false,"excerpt":"[ad_1] Home price 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\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","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":6890,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","url_meta":{"origin":8265,"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 &quot;Opportunities In New Markets&quot;","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":7950,"url":"https:\/\/amazingproperty.com.ng\/blog\/cash-sales-soar-to-post-recession-high\/","url_meta":{"origin":8265,"position":2},"title":"Cash Sales Soar to Post-Recession High","author":"Amazing Property","date":"January 29, 2018","format":false,"excerpt":"Cash sales accounted for 8 percent of new-home sales in the fourth quarter of 2017, matching a high that has not been seen since 2014, the National Association of Home Builders reports on its Eye on Housing blog. Cash sales make up an even larger share of existing-home sales\u2014about 20\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Nahb Chart.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/NAHB_chart.png?fit=611%2C344&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/NAHB_chart.png?fit=611%2C344&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/NAHB_chart.png?fit=611%2C344&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7533,"url":"https:\/\/amazingproperty.com.ng\/blog\/consumers-have-doubts-despite-strong-economy\/","url_meta":{"origin":8265,"position":3},"title":"Consumers Have Doubts Despite Strong Economy","author":"Amazing Property","date":"December 18, 2017","format":false,"excerpt":"More households are feeling the strain in their personal financial situations and losing confidence in the housing market, even as the country sees solid job growth and record gains in the stock market, according to the National Association of REALTORS\u00ae\u2019 fourth-quarter Housing Opportunities and Market Experience (HOME) survey, based on\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Q4 Home Survey Infographic.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Q4-HOME-Survey-Infographic.png?fit=375%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6306,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","url_meta":{"origin":8265,"position":4},"title":"Housing Shortages Constrain Existing-Home Sales","author":"Amazing Property","date":"September 20, 2017","format":false,"excerpt":"For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable \u201cto break out,\u201d according to the National Association of REALTORS\u00ae\u2019 latest housing report, released Wednesday.\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","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":8265,"position":5},"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 &quot;Opportunities In New Markets&quot;","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\/8265","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=8265"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/8265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/8266"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=8265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=8265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=8265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}