Home prices in the U.S. increased 6 percent in the first quarter from a year earlier as competition heated up for a scarcity of listings.
Job growth is firing up demand for real estate, pushing buyers into bidding wars for the tight supply of homes on the market. There were 1.83 million previously owned homes available for sale at the end of March, down 6.6 percent from a year earlier, according to the National Association of Realtors.
“Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong,” Andrew Leventis, deputy chief economist for the FHFA, said in the statement. “With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase.”
The FHFA index measures transactions for single-family properties financed with mortgages owned or securitized by government-sponsored Fannie Mae and Freddie Mac. It doesn’t provide prices. The national median price of an existing single-family home was $232,100 in the first quarter, up 6.9 percent from a year earlier, data from the Realtors group show.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
VA Buyers find their dream home! Anthony Alfonzo of the #1 Tonnesen Team here at Berkshire Hathaway had the distinct pleasure to represent a proud military veteran and his lovely family. This Las Vegas home was the one they wanted to settle down in and raise their two younger daughters and still have room for their...
Highly upgraded Trenton model with Casita. Beautiful must see Henderson home. Crown Molding! Tile Floors in all rooms except Master Bed, Office and 2nd Bedroom. Casita contains bedroom #3, separate from the home in Courtyard, tile floors, private bath, and walk-in closet. 2nd bedroom has own private bath and do...
Credit Suisse just released their own graphic on the Las Vegas housing market, indicating higher real estate prices can be expected with the continuing low inventory. Credit Suisse also predicted an increase in new home sales....
Gross Domestic Product, the broadest measure of economic activity, climbed to a more normal 3.1 percent in the second quarter, up from 1.2 percent in the first quarter. Home loan rates bounced around due to tensions with North Korea, debt ceiling debates and devastating hurricanes, but they remained just above all-tim...
According to the U.S. Census Bureau, Nevada’s 1.95 percent population growth rate from July 2015 to July 2016 made it the second fastest-growing state in the country. With the state’s official population nearing the three million mark, how is infrastructure keeping up with growth? Major Road P...