The best quarterly sales pace of the year pushed available housing supply to record lows and caused price appreciation to slightly speed up in the final three months of 2016, according to the latest quarterly report by the National Association of Realtors. The report also revealed that sales prices in over half of measured markets since 2005 are now at or above their previous peak level.
The median existing single-family home price increased in 89 percent of measured markets, with 158 out of 178 metropolitan statistical areas showing sales price gains in the fourth quarter of 2016 compared with the fourth quarter of 2015. Twenty areas (11 percent) recorded lower median prices from a year earlier, according to the NAR.
The report also said that total existing-home sales in the Northeast jumped 10.5 percent in the fourth quarter and are now 6.4 percent above the fourth quarter of 2015. The median existing single-family home price in the Northeast was $254,100 in the fourth quarter, slightly lower (0.2 percent) from a year ago.
Nationwide, there were more rising markets in the fourth quarter compared to the third quarter of 2016, when price gains were recorded in 87 percent of metro areas. Thirty-one metro areas in the fourth quarter (17 percent) experienced double-digit increases — an increase from 14 percent in the third quarter.
For all of 2016, an average of 87 percent of measured markets saw increasing home prices, up from the averages in 2015 (86 percent) and 2014 (75 percent). Of the 150 markets NAR has tracked since 2005, 78 now have a median sales price at or above their previous all-time high.
The following listings of recent residential homes sales are based on public records and tax files. The number in parentheses after the closing price indicates the amount it was above or below the original listing price.
2 Hilltown Court on Dec. 20. Seller: Joong Bin & Hye Joung Lee. Buyer: Yan Juo & Xianjun Zheng. 4BR single-family house. $830,000 (-$70,000).
12 Jeffers Road on Dec. 20. Seller: Linda Mumford. Buyer: Lucasz & Angelika Zdunek. 3BR single-family house. $305,000 (+$5,000).
1 Larch Way on Dec. 22. Ellis & Jermain Anderson. Buyer: Jacqueline Overturf & Elwood Phares. 2BR age-restricted house. $670,000 (-$45,000).
31 Hamilton Lane N on Dec. 22. Seller: Akkiraju & Vidyutlatha Kakani. Buyer: Harsh Gupta. 4BR single-family house. $580,000 (+$5,000).
6 Willow Court on Dec. 28. Seller: Randy & Laurie Solomon. Buyer: Rupa Kashyap & Ramachandra Yanamandra. 5BR single-family house. $845,000 (-$5,000).
153 Tennyson Drive on Dec. 28. Seller: Amilcar Cruz & Ofelia Navas. Buyer: 3BR townhouse. $250,000 (-$48,700).
12 Monterey Drive on Dec. 21. Seller: Glenn & Mia Gargan. Buyer: Jeremy & Melanie Bilas. 4BR single-family house. $680,000 (-$50,000).
121 Commonwealth Court Unit #8 on Dec. 21. Seller: Estate of Esther & Kin Yuen. Buyer: Nathanson Aaron Sanders & Janet Lee. 2BR condo. $275,000 (-$14,900).
6 Hampstead Court on Dec. 23. Seller: Barry & Lynn Henry. Buyer: Ling Guo. 3BR single-family house. $565,000.
3 Sutton Lane on Dec. 28. Seller: Louis & Holly Jerome. Buyer: Joni & Michael Kazantzis. 4BR single-family house. $625,000 (-$14,900).
37 Normandy Drive on Dec. 28. Seller: Liz Kim & Frederick Yu. Buyer: Ziyang Pan. 3BR townhouse. $485,000 (-$14,000).
105 Claridge Court Unit #10 on Dec. 28. Seller: Francesco Annetta. Buyer: Mingbo Cai & Mengyuan Kan. 2BR condo. $280,000 (-$17,500).
336 Blanketflower Lane on Dec. 29. Seller: Joyce Phillips. Buyer: Jeffrey & Merryl Kramer. 2BR age-restricted house. $365,000 (-$20,000).
314 Oak Lane on Dec. 30. Seller: Bruce & Marilyn Steidel. Buyer: Feifan Yu & Jinfeng Du. 4BR single-family house. $510,000 (-$90,000).
260 Fisher Place on Dec. 30. Seller: Jersey Properties LLC. Buyer: Alexandria & James Altman. 3BR single-family house. $365,000 (-$5,000).
103 Sequoia Court Unit #12 on Dec. 30. Seller: Fang Zhou. Buyer: Rakesh & Jethinder Abbi. 2BR condo. $290,000 (-$9,000).
112 Biscayne Court Unit #1 on Jan. 5. Seller: Vinaya & Namita Bhagavathula. Buyer: Lan Ou. 2BR condo. $270,000 (-$4,900).