Prices for single-family homes climbed in almost 88 percent of U.S. cities in the fourth quarter as the housing recovery broadened.
The median sales price rose from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors said in a report yesterday. In the third quarter, 120 areas had gains.
An improving job market and low interest rates are driving up prices by fueling demand for a tightening supply of listings. The national median price for an existing single-family home was $178,900 in the fourth quarter, up 10 percent from the same period last year. That was the biggest gain since 2005, according to the Realtors group.
“Home sales are on a sustained uptrend,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report. “Home sales are being fueled by a pent-up demand and job creation, along with still-favorable affordability conditions and rents rising at faster rates.”Information Provided By: Bloomberg.com