Yunnie says it’s ‘unhealthy’, but sellers would disagree. From MND:
Lawrence Yun, NAR chief economist, said the price trend is favorable. “The cooling rate of price growth is needed to preserve favorable housing affordability conditions in the future, but we still need more new-home construction to fully alleviate the inventory shortages in much of the country,” he said. “Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”
The five most expensive housing markets in the first quarter were the San Jose metro area, where the median existing single-family price was $808,000; San Francisco, $679,800; Honolulu, $672,300; Anaheim-Santa Ana, $669,800; and San Diego, where the median price was $483,000.