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
Having lived in Las Vegas for more than 30 years, we are pretty darned spoiled when it comes to quality world-class entertainment. Whenever we go on a cruise, we seldom go to the “shows” because they don’t even come close to what we have on the Vegas Strip. We are true “show snobs.” So when my husband asked a...
The housing market has made some significant strides over the last several years and home sales have been on a steady climb in most locations. That’s encouraging if you’re planning to sell but it doesn’t guarantee that buyers will come flooding in once your home hits the market. If you&...
Deciding between a VA loan or a conventional loan may seem easy. No money down, no mortgage insurance, a better interest rate — a VA mortgage wins hands down, right? But when you consider things like the VA funding fee and perhaps putting enough money down on a conventional mortgage to forgo mortgage i...
April 15th is almost upon us, and if you are like most people, you are sitting hunched over your desk trying to find just one more deduction to claim before dropping your tax return in the mail. So if tax time has got you down, maybe you should consider moving and buying a home in Las Vegas. The following are excerpts...