Home Prices Post Largest Rise since 2006

HousingWire reports median single-family home prices rose in 120 out of 149 metro areas, up significantly from the 39 metros that recorded price increases a year earlier, according to the National Association of Realtors (NAR). Showing the strongest year-over-year increase for single family homes since Q1 2006, the national median price hit $186,000, 7.6 percent better from $173,000 a year ago. The first quarter of 2006 the median price rose 9.6 percent. Existing home sales in he Midwest, South, and Northeast rose while they fell in the West. As MHProNews has learned NAR chief economist Lawrence Yun says the rise is connected to supply and demand. He adds, “We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”

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