Home Prices Still Increasing – But at a Slower Rate

The National Association of Realtors (NAR) reports that the national median existing single-family home price in the first quarter of 2016 was $217,600, which is up 6.3 percent from the first quarter of 2015 ($204,700). The median existing single-family home price increased in 87 percent of the metro markets analyzed with 28 of these metro areas recording double-digit gains.

However, this is significantly below the 51 metro areas with double-digit increases in the first quarter of 2015.

Analysts say the slowdown may be attributed to a lack of supply as well as rising home prices far exceeding wage growth.

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