WASHINGTON — San Jose, Calif. can brag about a first: A median home value of $1 million in the second quarter, the first time a U.S. metro’s median price has ever hit seven figures.
The National Association of Realtors said median single-family home prices rose in 83 percent of measured markets in the second quarter, though the frothy gains in hot markets may be slowing a bit.
NAR said 25 metro areas saw double-digit year-over-year price gains in the second quarter, down from 28 metro areas in the first quarter and down from 34 metros a year earlier.
“Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” said NAR chief economist Lawrence Yun.
“However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent and in many markets at a rate well above income growth.”
The five most expensive housing markets in the second quarter were the following:
- San Jose, at $1,085,000;
- San Francisco at $885,600;
- Anaheim, Calif. at $742,000;
- Honolulu at $725,200;
- San Diego at 589,900.
