U.S. home prices rise in 148 metro areas, 51 markets see double-digit growth
The number of metropolitan areas that saw double-digit percentage increases in home prices more than doubled during the first quarter, reflecting a mix of thin supply and strong demand that points to heated competition for home buyers.
Fifty-one metro areas posted year-over-year double-digit price increases compared with 24 metro areas in the fourth quarter of 2014 and 37 in the first quarter a year ago, the National Association of Realtors said Monday.
The double-digit gains were widespread—from an 11% bump in Columbus, Ohio, to a 13% jump in Raleigh-Cary, N.C.—indicating more than just a handful of hot markets.
“It is crazy right now,” said Lisa Hitchcock, a real-estate agent in the Sherman-Denison area of northern Texas that saw a 33% surge in first-quarter home prices. She said she has more than 20 properties currently under contract. “I’m just trying to keep my head above water.”
