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.

bc-home-prices

More in Herald Business Journal

Health-care consumers need to take the lead, so get smart

David Russian, CEO of Western Washington Medical Group, writes our third essay about fixing health care.

Robots on Wall Street: Slow-footed regulators lose ground

Watchdogs have to figure out how to check computers running lightening-fast algorithms.

More business, more competition for Everett kidney dialysis center

Nonprofit Puget Sound Kidney Centers sees large for-profit competitors enter state market.

Molina Medical holds fall carnival for families in Everett

Molina Medical is hosting a free event for families in the Everett… Continue reading

Leadership Snohomish County celebrates 20 years of service

Leadership Snohomish County is celebrating its 20th anniversary. The organization was launched… Continue reading

Snohomish, Monroe manufacturers honored for innovation, excellence

Two Snohomish County companies have been honored with Manufacturing Excellence awards at… Continue reading

Remodeled home tours planned this weekend

This weekend, Edmonds-based Chermak Construction will participate in the 2017 Remodeled Homes… Continue reading

Barron Heating to celebrate anniversary at Marysville showroom

Barron Heating and Air Conditioning is celebrating its 45th anniversary from 10… Continue reading

US budget deficit hits $666B, an $80B spike for the year

The deficit issue has largely fallen in prominence in Washington in recent years.

Most Read