Home prices in the first quarter of the year were up in nearly all major U.S. cities, and despite the continuing difficulties of the COVID-19 pandemic, prices show no signs of slowing, according to the National Association of REALTORS®’ latest quarterly report.
The median price nationwide for an existing single-family home was $274,600 in the first quarter, a 7.7% increase year over year. “The first-quarter price jumps mostly reflect conditions prior to the coronavirus outbreak and show the strength of housing demand prior to the pandemic,” says NAR Chief Economist Lawrence Yun. “Even now, due to very limited listings, home prices are showing no signs of buckling.”
Continue…https://magazine.realtor/daily-news/2020/05/12/nar-healthy-q1-home-price-gains-won-t-slow-down
