US home resales hit 10-year high in Q1

Miami /
May.May 16, 2017 09:45 AM

From TRD New York: 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
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
arrow_forward_ios

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

Loading...