NAR: Double-Digit Price Gains Set Record

Meanwhile, house prices posted double-digit gains in a record number of metropolitan statistical areas in the first quarter, the National Association of Realtors said.The NAR's first-quarter metro area home price report shows that 66 of the 136 MSAs had double-digit annual increases in median existing-home prices. The previous record was 62 MSAs in the preceding quarter. The NAR also reported that the national median single-family resale price rose to $188,800 in the first quarter, up 9.7% from a year earlier. NAR chief economist David Lereah pointed to the tight supply of homes. "We simply don't have enough homes on the market to meet demand," Mr. Lereah said. ".... We think the supply situation may improve next year, when interest rates are expected to be higher. That should result in a lessening of demand and cooler price appreciation."