This year started of with higher home-sales activity as steady hiring and low interest rates encouraged more buyers to enter the market, according to the latest quarterly report from the National Association of Realtors.
“However, stronger demand without increasing supply led to faster price growth in many markets,” NAR’s Chief Economist, Lawrence Yun, said.
“Sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth,” Yun said.
Broken up regionally, total existing-home sales in the Northeast dropped 11.2% in the first quarter but still remained 2.2% above the first quarter of 2014. The median existing single-family home price in the Northeast was $245,000 in the first quarter, up 2.4% from a year ago.
In the Midwest, existing-home sales declined 2% in the first quarter but are 6.3% higher than a year ago. The median existing single-family home price in the Midwest increased 8.9% to $156,600 in the first quarter from the same quarter a year ago.
Additionally, existing-home sales in the South fell slightly (0.5%) in the first quarter, but are 7.8% above the first quarter of 2014. The median existing single-family home price in the South was $182,300 in the first quarter, 8.2% above a year earlier.
In the West, existing-home sales increased 1.5% in the first quarter and are 5.4% above a year ago. The median existing single-family home price in the West increased 5.8% to $295,500 in the first quarter from the first quarter of 2014.
As result, here are the top five most expensive metros, along with the nation's least expensive metros.
Top 5 most expensive metros in first quarter 2015 (Median existing single-family price)
5. San Diego, $510,300
4. Anaheim-Santa Ana, California, $685,700
3. Honolulu, $699,300
2. San Francisco, $748,300
1. San Jose, California, $900,000
The five least expensive metros in first quarter 2015 (Median existing single-family price)
5. Toledo, Ohio, $83,800
4. Decatur, Illinois, $82,200
3. Rockford, Illinois, $78,600
2. Cumberland, Maryland, $71,600
1. Youngstown-Warren-Boardman, Ohio, $64,300