Some Metro Areas See Home Prices Soar

Real estate agents point at the hot spring selling season that bled into summer as the main cause of price gains

August 12, 2015

The NAR reported that home prices rose in 163 out of 176 metro areas in the second quarter. The median existing single-family home price rose to $229,400, an 8.2 percent annual increase.

Data from real estate agents show a hot spring selling season that “bled into the summer with dwindling home supply,” which is a big influence on soaring home prices, The Wall Street Journal reports.

Strongest increases were in the Florida cities of Palm Bay, Port St. Lucie, and Sebastian. North Carolina cities Raleigh and Greensboro also had double digit gains.

However, not all markets were as hot as it was in the beginning of the year. For example, the markets of Cumberland, Md., Stamford, Conn., and Kingston, N.Y., were among the few cities with price declines.

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PB-Sales,PB-New Home Sales,PB-Economics