Home-Price Appreciation Stays Hot in Most Metro Areas Says NAR. Strong annual increases in median existing-home prices were common in most metropolitan areas during the third quarter, according to the latest report by National Association of Realtors(r). The association's third-quarter median existing single-family home price survey, covering changes in 147 metropolitan statistical areas (see note), shows 69 areas with double-digit annual price increases. Six metros had small price declines. The national median existing single-family home price was $215,900 in the third quarter, up 14.7 percent from the third quarter of 2004 when the median price was $188,200. The median is a typical market price where half of the homes sold for more and half sold for less. Ninety-seven metros -- two-thirds of the total -- experienced increases greater than the U.S. historic average of 6.4 percent. David Lereah, NAR's chief economist, said the pace of price appreciation in the third quarter is far from being normal over time. "These historically high home price gains are the simple result of more buyers than sellers in the market," he said. "The good news is that inventory levels are improving, and housing supply will come close to buyer demand in 2006. In other words, we expect a healthy and more balanced market next year." Click here to read more.
U.S. real estate prices post healthy gains. Median third-quarter metro area home prices ranged from $72,800 in Danville, Ill., to nearly 10 times that amount in the San Francisco-Oakland-Fremont area of California where the median price was $721,900, according to National Association of Realtors statistics. The second most expensive area in the United States was Anaheim-Santa Ana in Orange County, Calif., at $710,700, followed by the Honolulu area and San Diego-Carlsbad-San Marcos, Calif., which tied at $615,000, NAR announced today. Click here to read more.
Outlook sours for real estate. Many indicators point to a major slowdown in home prices. Did homeowners who sold in September get out just in time? The latest report on third-quarter home prices, released Tuesday by the National Association of Realtors, showed continued strength. But increasingly there are signs that prices have plateaued. Of 147 markets, 69 had gains from a year ago of more than 10 percent -- only six metro areas experienced declines. Click here to read more.
~Tina Jan~
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