While home prices continue to moderate in many metropolitan areas in the second quarter, there is still a divide regionally, according to the National Association of Realtors.
Overall, fewer markers witnessed price increases in the second quarter compared to the first when price increases were recorded in 74% of metro areas. And, it’s in the Midwest region of the United States where home sales are really beginning to pick up again.
Nationally, only 19 metropolitan statistical areas in the second quarter (11%) had double-digit increases, drastically falling from the 37 areas last quarter and the overall average of 43 areas since the second quarter of 2013.
Lawrence Yun, NAR chief economist, explained that price increases are balancing out to the benefit for both buyers and sellers.
“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” he said. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”
Here are how the four regions are squaring up in the second quarter…