A lack of
housing inventory continues to stifle the housing market, making it difficult
for potential homeowners to get on the property ladder, according to the latest
quarterly report from the National Association of REALTORS® (NAR).
Making sense of
the story
· The
median existing single-family home price increased in 81 percent of measured
markets.
· The NAR
report cited that 145 out of 1791 metropolitan statistical areas (MSAs) had gains
based on closings in the fourth quarter compared with the fourth quarter of
2014.
·
There
were slightly fewer rising markets in the fourth quarter compared to the third
quarter, when price gains were recorded in 87 percent of metro areas.
·
“Without
a significant ramp-up in new home construction and more homeowners listing
their homes for sale, buyers are likely to see little relief in the form of
slowing price growth in the months ahead,” said Lawrence Yun, NAR chief
economist.
· The
unshakeable trend of inadequate supply in relation to the overall pool of
prospective buyers inflicted upward pressure on home prices.
· As
a result, homeownership continues to be out of reach for a number of qualified
buyers in the top job producing, but costliest, parts of the country –
especially on the West Coast and parts of the South.
· The
report also stated that the national median existing single-family home price
in the fourth quarter was $222,700, up 6.9 percent from the fourth quarter of
2014.
