Key Highlights
- The National Association of REALTORS® in its new quarterly report indicated that median home prices increased in 96% of its measured markets
- National median existing single-family home price equaled $291,300 in Q2 2020
- $291,300 represents median price increase of +4.2% y/y
The old adage of supply and demand played out around the country in existing single-family home prices during Q2 2020. Low Supply + High Demand = Higher Prices rang so true that a whopping 96% of the metros measured by the National Association of REALTORS® (NAR) saw price increases for existing single-family home sales.
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Historically low inventories nationwide resulted in a national median existing home price increase of +4.2% y/y in Q2 2020. That median home price came in at $291,300
Fifteen metros measured by NAR in its most recent quarterly home price report saw double-digit price growth. Take a look:
- Huntsville AL – +13.5%
- Memphis TN – +13.4%
- Boise ID – +12.6%
- Spokane-Spokane Valley WA – +11.8%
- Indianapolis IN – +10.8%
- Phoenix AZ – +10.2%
Lawrence Yun, NAR’s chief economist, said, “Home prices have held up well, largely due to the combination of very strong demand for housing and a limited supply of homes for sale. Historically low inventory continues to reinforce and even increase prices in some areas.”
Just to compare, the number of existing homes for sale in Q2, 1.57M, was -18.2% lower than total inventory at the end of Q2 2019. Yun said, “Unless an increasing number of new homes are constructed, some buyers could miss out on the opportunity to purchase a home or have the opportunity delayed. In the meantime, prices show no sign of decreasing.”
The most expensive metros in the country during Q2 2020 included the usual suspects: San Jose showing y/y price gains of +3.8% or $1.38M; San Francisco with gains at $1.05M; Anaheim CA with y/y price gains of +2.9% at $859,00 and San Diego at $670,000 with gains increasing +2.3% y/y.
Two metros seeing median home prices below $200,000 included Topeka KS at $147,000 and Springfield IL at $153,000.
Thanks to the National Association of REALTORS®.
Also read: Realities of Home Prices in New York State & Manhattan, Some Startling Statistics about Small Business Revenues and Payrolls, Home Prices in Australia See First Drop in 11 Months
