The median price of an existing single-family home ticked up to $255,600 in the second quarter, up 10.1 percent from the first quarter and 6.2 percent from Q2 last year.
Realtor.com reports that home prices are rising, with no slowdown on the horizon. According to a recent study by the NAR, home prices increased in 87 percent of the nation’s metros, dropping in just 23 markets.
San Jose, with a median existing home price of $1.12 million, is the nation’s most expensive market, followed by San Francisco ($950,000), Anaheim ($788,000), and Honolulu ($760,000).
Youngstown, Ohio, is the nation’s cheapest market, with a median existing home price of just $87,000. Cumberland, Md., is the only other market with a median price under $100,000.
The lack of available homes is the chief cause of the nation’s price surge. Total sales dropped 0.9 percent last quarter to 5.57 million.
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