US home resales hit 10-year high in Q1

The median price also jumped 7% quarter-over-quarter: NAR

New York /
May.May 15, 2017 06:25 PM

Home resale numbers and prices across the country jumped in the first three months of the year, according to the National Association of Realtors.

Sales of existing homes jumped 1.4 percent from the previous quarter to hit a seasonally adjusted annual rate of 5.6 million, the highest rate since the first quarter of 2007, the Wall Street Journal reported, citing NAR figures.

The national median home price hit $232,100, a 7 percent jump from the same period last year and the biggest increase in two years, according to the newspaper. Out of the 178 markets covered in the NAR survey, 85 percent saw increases in single-family homes. Thirty metropolitan areas saw double-digit annual price gains in the first quarter.

With prices and interest rates rising, affordability will continue to be a problem, economists said. The 30-year, fixed-rate mortgage rate has risen to just over 4 percent from around 3.5 percent in November, according to the newspaper.

“There will be some choke point where people can no longer afford to buy,” Lawrence Yun, chief economist at the National Association of Realtors, told the Journal.  [WSJ]Miriam Hall


Related Articles

arrow_forward_ios
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
(iStock)
Overbooked Hamptons hotels spark bidding wars
Overbooked Hamptons hotels spark bidding wars
Photo illustration of Nest Seekers' Dylan Eckardt and the Amagansett property (iStock, Nest Seekers)
Tall tale: Nest Seekers’ “$50M” Amagansett sale was actually $16.5M
Tall tale: Nest Seekers’ “$50M” Amagansett sale was actually $16.5M
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
Realtors no longer heart “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
1 Swan Landing
5 Gatsby-esque homes fit for the Roaring 2020s
5 Gatsby-esque homes fit for the Roaring 2020s
Bidding wars occurred in 35 percent of North Fork home sales. (iStock)
Bidding wars drive Long Island home prices to new highs
Bidding wars drive Long Island home prices to new highs
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...