Home Prices Climbed At Their Fastest Rate Since November 2005

Salt Lake City, Utah

Photo: Dave Gates via Flickr

We just saw January existing home sales come in better than expectations.But the one key detail was the rise in home prices.

The national median existing-home price for all housing types was $173,600 in January, up 12.3 per cent from a year ago, according to NAR.

Existing home prices continued to rise for the eleventh straight month.

This is also the biggest gain since November 2005 when home prices were up 12.9 per cent.

A breakdown by region shows median existing home prices surged the most the in West, up 26.6 per cent year-over-year in January, to $239,800. But existing home sales in the region were down the most, falling 5.7 per cent to a pace of 1.15 million.

In the Midwest median home prices were up 8.6 per cent from a year ago to $131,800. In the South they were up 13.4 per cent year-over-year to $152,100, and in the West they surge

The Northeast continued to be the region with the slowest recovery in home prices, with median existing home prices rising 2.4 per cent from a year ago to $230,500. The Northeast did however see that biggest increase in existing home sales, up 4.8 per cent to an annual rate of 650K.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.