Eighty-nine per cent of the areas measured by the National Association of Realtors reached their peak price levels at the end of 2016 as record-low supply increased competition among buyers.
"Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment," said Lawrence Yun, NAR chief economist. "At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market."
The median price of a single-family home in the fourth quarter of 2016 was U$235,000, up 5.7 per cent year-over-year, and building on the 5.4 per cent year-over-year increase of the third quarter.
More market update:
Most metros south of the border have bounced back from the housing crisis at the start of the decade according to new figures.