House prices increase in 89 percent of cities as recovery expands | North Salem Real Estate

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BOSTON -- Prices for single-family homes increased in 89 percent of U.S. cities in the first quarter as the housing market extends a recovery from a five-year slump.

The median sales price rose from a year earlier in 133 of 150 metropolitan areas measured, the National Association of Realtors said in a report Thursday. A year earlier, 74 areas had gains.

Buyers returning to the housing market are bidding up prices for a tight supply of listings. The national median price for an existing single-family home was $176,600 in the first quarter, up 11.3 percent from the same period last year. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group.


House prices increase in 89 percent of cities as recovery expands | HeraldNet.com - Work

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