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Home prices surge across the board in Q1, and Houston is no exception

by John Yellig

Practically every single one of the 183 metro areas tracked by the National Association of Realtors saw significant year-over-year increases in the price of homes during the first quarter, and a healthy majority of them — 89%, or 163 metros — registered double-digit growth. 

In Houston, the median sales price of a single-family home jumped 14.9% on a year-over-year basis to $281,800, the NAR said, citing its quarterly report. 

Nationally, the median sales price was up 16.2% on a yearly basis to $319,200, a record high going back to 1989. All geographic regions recorded double-digit increases, led by the Northeast with a 22.1% increase, followed by the West with an 18.0% rise, the South with a 15.0% gain and the Midwest, up 14.4%. 

The highest increase by market was Kingston, N.Y., which saw a 35.5% rise to $303,100. 

“The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers,” NAR chief economist Lawrence Yun said in a statement. “With low inventory already impacting the market, added skyrocketing costs have left many families facing the reality of being priced out entirely.” 

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