Home prices rise as supply tightens

Posted by Mastura Zaini-Roberts on Wednesday, May 24th, 2017 at 11:35am.

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.

Prices rose 1.4 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Wednesday. In March, prices climbed 0.6 percent from February, matching the average estimate of 15 economists.

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.
 
by Bloomberg24 May 2017
 
 
 

Mastura Roberts
(702) 710-3330
offers@greatlasvegashomes.com

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

New Las Vegas Real Estate Search Engine Launched!

We are truly excited to announce the launch of our newly redesigned web site at www.GreatLasVegasHomes.com. The new site has much more information on specific housing communities and condo developments, with on-page statistics for high, low and median prices within each community and direct links to listings by price r...

Flip This House aka Empty Your Wallet

Over the past month, the Las Vegas real estate market has been literally flooded with would-be flippers,  making up to 30 bids each per week.  They are offering anywhere between 70 to 80 cents on the dollar on homes listed for sale around the Valley, hoping to get just one offer accepted so they can get started on th...

5 Mortgage Tips If You’re Building Instead of Buying

One of the most challenging aspects of the home-buying process is getting access to financing. Securing a loan can be even more difficult when you’re planning to build a house from the ground up instead of getting a mortgage to purchase an existing property. If you’re building instead of buying the home of...

The Wild Wild West - Bank Robbery Las Vegas Style

by Patty Annis Yes, Las Vegas certainly has a reputation of being pretty wild!  And with the ever popular marketing slogan of “What happens in Vegas - Stays in Vegas” it certainly gives someone much to think about….. What really does go on in this town?  I have lived here since October of 1984 and through these...

Existing-home sales poised for decade high this year

Existing-home sales are poised to see their best year in a decade, but low supply and affordability still threaten to keep the homeownership rate down, according to the National Association of Realtors.Lawrence Yun, chief economist for the NAR, recently presented his 2017 midyear forecast. According to Yun, the first q...

Leave a Comment

Have a Question?

Contact Us

Follow Us