The median price for an existing single-family home began to slow down in the fourth quarter of last year, according to recently released stats from the National Association of Realtors.
While the third quarter of 2018 saw home prices rise about 4.8-percent year-over-year, that was down to four-percent year-over-year by the end of 2018. The median price now sits at just over $257,000.
Home prices rose in most markets last quarter, but just 14 of the 178 metro areas studied saw a double-digit increase. That’s a few markets less than what was reported in the third quarter of 2018.
Economists credit the slower rise in home prices to a steadily increasing inventory. Reports suggest home sales are falling as price gains outpace wage growth. More than 1.5-million homes were up for sale nationwide by the end of 2018. That’s about six-percent more than we saw in 2017.