Soaring Prices, Lack of Supply, Hampered Existing-Home Sales in Q2

Metro home prices reach new peak amid growing competition

"There's still a chance for sales to break out this year".

At the other end of the spectrum, Youngstown-Warren-Boardman, Ohio, charted the lowest median single-family home price at just $94,400, followed by Cumberland, Maryland, $94,900; Decatur, Illinois, $96,900; Elmira, New York, $106,300; and Erie, Pennsylvania, $121,700.

After the second-quarter price gains, two metros now chart median home prices in the $1 million range-San Jose, California, at $1.4 million and San Francisco-Oakland-Hayward, California at $1.1 million.

The intense competition has pushed the median price of an existing single-family home to $269,000, a rise of 5.3% year-over-year in the second quarter of 2018.

But a slowdown in sales, rising inventories and higher mortgage costs have cooled the rate of appreciation this year in D-FW.

The average sales price for an existing single-family home in Southern Nevada in July was $290,000, an 11 percent increase from $260,000 in July 2017, according to a report from the Greater Las Vegas Association of Realtors.

The national family median income rose to $75,106 in the second quarter, but overall affordability decreased from a year ago because of higher mortgage rates and home prices.

"The unaffordable conditions in numerous largest metro areas - especially in the West - continues to be a growing concern for many middle-class households aspiring to buy a home", said Yun. "Homebuilders, facing higher costs and labor shortages, are simply not producing enough affordable homes to satisfy demand".

The median price, however, is the same as in June, indicating the housing market remains tight, Chris Bishop, the association's president, said in a statement.

Sales of existing single-family homes and condos were at a seasonally adjusted annual rate of 5.41 million, down 1.7% from a rate of 5.51 million in the first quarter and down 2.4% from 5.55 million in the second quarter of 2017, NAR's data shows.

Regionally, existing-home sales were down 4.1% quarter-over-quarter in the West and 2.7% in the South.

Both single-family home and condo prices rose in about 90 percent of measured markets since one year ago. In the second quarter of the year, there was 4.1 months' supply of homes on the market, down from 4.2 months' supply a year earlier.

In the West, the existing-home median was $403,300, up 8.3 percent year-over-year.

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