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
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
Quarters CEO Rui Barros (Linkedin)

Quarters, the “WeWork of co-living,” files for bankruptcy

Quarters, the “WeWork of co-living,” files for bankruptcy
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
arrow_forward_ios

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

Loading...