Home prices increase in 88% of U.S. cities as recovery broadens

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 increased from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors reported Monday. 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. U.S. home prices rose 8.3 percent in December from a year earlier, the biggest jump since May 2006, Irvine, Calif.- based CoreLogic reported Feb. 5.

“The U.S. housing recovery showed no signs of slowing in the final stages of 2012,” Paul Diggle, property economist for Capital Economics in London, said in a note to clients after CoreLogic’s report was released. “And the early signs are that these gains will be extended throughout 2013 as the economy continues its recovery.”

At the end of the fourth quarter, 1.82 million existing homes were available for sale, 22 percent fewer than a year earlier, according to the Chicago-based Realtors group.

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 year-over-year gain since 2005, according to the Realtors group.

The best-performing metro area was Phoenix, where prices increased 34 percent from a year earlier. Prices rose 31 percent in the Detroit region, and 28 percent in San Francisco.

The Kingston, N.Y., area had the biggest decline, with the median selling price falling 7.9 percent in the quarter. It was followed by the Kankakee, Ill., with an 7 percent decrease, and Erie, Penn., with a 6.1 percent drop.


More in Herald Business Journal

Somers sees Paine Field as focal point of a thriving county

In an annual speech, he also acknowledged challenges such as opioid addiction, crime and homelessness.

Starbucks commits $10M for greener coffee cup

The company is testing a new bio-liner, made partially from plant-based material.

Facebook mishandles election data flap, crisis experts say

“Facebook has been too late. Facebook has done too little and has been too legalistic”

Will thousands of new apartments in Snohomish County mean lower rents?

Experts debate the meaning of a recent price drop, one of the biggest decreases in more than a decade.

As expected, 92 to be laid off by Stanwood’s Twin City Foods

The frozen-vegetables processor announced last year it was moving all operations to Pasco.

Mother-in-law homes popular after cities ease restrictions

Lynnwood and Everett are seeing a spurt of growth after changing city codes to allow for this development.

Albertsons to close one of its two Everett stores

The grocery chain says it continuously evaluates performance of stores, which means closing this one.

The British soda tax might work better than other soda taxes

By Caitlin Dewey / The Washington Post The great British soda tax… Continue reading

Boeing CEO Muilenburg’s total compensation rose to $18.5M

That’s up from just over $15 million a year earlier. It includes the value of stock awards in 2017.

Most Read