Home prices are on the rise nationwide, an in many metropolitan areas, the median price jumped by 10 percent or more in the first quarter of 2015.
According to the National Association of Realtors (NAR), 51 of the 174 metropolitan statistical areas tracked by NAR saw price gains in the double digits.
“Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market,” Lawrence Yun, NAR chief economist, told Mortgage News Daily. “However, stronger demand without increasing supply led to faster price growth in many markets. 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.”
Image via flickr/James Willamor