By Clare Trapasso | realtor.com
Buyers might want to sit down for this: Homes flew off the market like the hottest of hotcakes in the first quarter of the year—causing prices to rise even higher than predicted in many parts of the nation.
The median price of existing single-family homes hit $232,100 in the first quarter of the year, according to a recent quarterly report from the National Association of Realtors®. That’s up 6.9% from a year ago—and is nearly double the 3.9% price growth realtor.com® had forecast for 2017.
The NAR report looked at 178 markets across the nation. There were 1.83 million existing homes for sale in the first three months of the year—down 6.6% from the first quarter of 2016.
