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3rd Quarter Home Prices Show Strongest Growth Since 2006

November 8th, 2012



Shrinking inventory deterring some first-time buyers...

The national median existing single-family home price jumped 7.6 percent from a year ago, to $186,100 -- the strongest year-over-year increase for any quarter since first-quarter 2006, when prices were up 9.4 percent from the previous year.

Sales of existing homes rose 10.3 percent during the third quarter, to a seasonally adjusted annual rate of 4.68 million, up from 4.25 million a year ago.

Median prices posted annual gains in 120 of 149 metros tracked, up from 110 metros showing gains in the second quarter of 2012 and 39 metros with price appreciation during the third quarter of 2011.

Inventory of existing homes for sale was down 20 percent from a year ago, to 2.32 million. The combination of rising prices and tight inventory on a quarterly basis indicate that the housing recovery is settling in, said Lawrence Yun, NAR's chief economist, in a statement.

"We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to meet the needs of our growing population and household formation," Yun said.


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