Home Prices Continue to Grow Nationally

The National Association of Realtors reported today that existing home sales continued to show an upward trend. 

The median home price for existing single family homes rose in 133 out of 150 metropolitan statistical areas, based upon closings in the 1st quarter of 2013 as compared to the 1st quater of 2012.

Lawrence Yun , NAR chief economist, said " "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation. With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas."

Yun also noted that some of the previous hardest hit areas, including Phoenix, Sacramento and Miami continue to experience a dramatic turnaround, and other areas, including Atlanta, Minneapolis and Seattle are starting to show signs of upward momentum.

The breakdown by region for existing-home sales.

Region Median Home Prices Change in Median Price 1st Quarter 2012 as compared to 1st Quarter 2012

Change in Existing Home Sales 1st Quarter 2013

Change in Existing Home Sales 1st Quarter as compared to 1st Quarter 2012 Northeast $234,000 +2.9% +4.4% +9.1% Midwest $135,000 +8.2% +1.2% +15.0% South $155,800 +9.3% +0.7% +13.3% West $247,800 +24.4% -1.1% +0.6%

 

To read the entire article, click here.

Paul Weston: Real Estate Broker for the Malden and Greater Boston area.

Website: www.liveinmalden.com

Twitter: PH_Weston

Facebook Page: Paul Weston Real Estate