A lower supply of inventory and fewer distressed sales led to stronger home price gains across the country, the National Association of Realtors (NAR) revealed in a recent report.
On a national level, the median price for existing single-family homes increased 7.6 percent to $186,100 in the third quarter of this year compared to last year. In the third quarter of 2011, the median price was $173,000.NAR says the annual gain is the strongest since the first quarter of 2006 when the median price was up 9.4 percent.
In the second quarter, the median price posted a 7.2 percent yearly increase.
When assessing third quarter price growth in metros areas, NAR found the median price for existing homes improved in 120 out of 149 metro areas since the same quarter a year ago. NAR’s findings are based on closings. Learn more....
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