US metro house prices are rising but at a slower pace

The price of single-family homes in the United States are continuing to rise but at a slower pace.

The National Association of Realtors’ latest housing report includes an analysis of house prices for 178 metro areas and 83% of them showed rising prices in the first quarter of 2019.

"Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year," said Lawrence Yun, NAR chief economist.

Total existing home sales south of the border were up just 1.2% in Q1 2019 compared to the previous quarter, with a seasonally adjusted annual rate of 5.207 million in the first quarter, up from 5.143 million in the fourth quarter of 2018; and 5.4% lower than the 5.507 million-pace in the first quarter of 2018.

Most expensive markets
The five most expensive US metros for single-family homes in Q1 2019 by median price were: San Jose-Sunnyvale-Santa Clara, Calif., $1,220,000; San Francisco-Oakland-Hayward, Calif., $930,000; Anaheim-Santa Ana-Irvine, Calif., $800,000; Urban Honolulu, Hawaii $794,100; and San Diego-Carlsbad, Calif., $620,000.

Meanwhile, the five lowest-cost metro areas in the fourth quarter were Decatur, Ill., $80,800; Youngstown-Warren-Boardman, Ohio, $89,200; Elmira, N.Y., $90,400; Cumberland, Md., $99,300; and Binghamton, N.Y., $107,200.

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