Inventory levels hovering at all-time lows weighed down home sales and fueled faster price appreciation during the first three months of the year. Single-family home prices last quarter increased in 91 percent of measured markets, with 162 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the first quarter compared to a year ago. Fifty-three metro areas (30 percent) experienced double-digit increases, up from 15 percent in the fourth quarter of 2017. Record low inventory levels caused the housing market to get off to a slow start in 2018. The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting short housing supply and affordability headwinds.
MSA Los Angeles-Long Beach-Glendale, CA Median Home Price
2015: $480,100 2016: $509,000 2017: $550,800
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