Home price growth accelerated across the country in the first quarter as demand picked up and home supply remained anemic, according to a quarterly report on home prices released by the National Association of Realtors.

“Sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth,” said Lawrence Yun, chief economist at NAR, in a statement.

The number of metro areas that posted a double-digit annual increase in home prices more than doubled in the first quarter, up from 24 metro areas in the fourth quarter of 2014 to 51 metro areas in the first quarter of this year.

In the first quarter of 2014, 37 metro areas notched double-digit annual increases.

The median existing single-family home price rose in 85 percent of measured markets, with 148 out of 174 metro areas tracked by NAR climbing in the first quarter compared to the first quarter of 2014. That was largely unchanged compared to the fourth quarter of 2014.

“Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market,” Yun said. “However, stronger demand without increasing supply led to faster price growth in many markets.”

Read the full press release here.

Email Teke Wiggin.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×