WASHINGTON, Nov. 3, 2016 /PRNewswire/ -- Persistent supply shortages throughout the country led to slightly faster home price appreciation during the third quarter, according to the latest quarterly report by the National Association of Realtors ®. The report also revealed that seven of the 10 most expensive housing markets in the U.S. are in the West, including San Jose, California, which had a median single-family home price of $1 million for the second straight quarter.
The median existing single-family home price increased in 87 percent of measured markets, with 155 out of 178 metropolitan statistical areas 1 (MSAs) showing gains based on closed sales in the third quarter compared with the third quarter of 2015. Twenty-two areas (12 percent) recorded lower median prices from a year earlier. There were a growing number of rising markets in the third quarter compared to the second quarter of this year, when price gains were recorded in 83 percent of metro areas. Twenty-five metro areas in the third quarter (14 percent) experienced double-digit increases - unchanged from the second quarter of this year. A year ago, 21 metro areas (12 percent) saw double-digit price appreciation.