Home Prices See Biggest Jump In 7 Years

neighbourhood houses

Photo: Maureen lunn/Flickr,CC

A new report on home prices has just been released by the National Association of Realtors.According to the report home prices rose in 133 of 152 U.S. metro areas in Q4.

The national median existing single-family home price was $178,900, up 10.0 per cent year-over-year.  This is the strongest year-over-year jump since Q4 2005.

“Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” said the NAR’s Lawrence Yun. “Home sales are being fuelled by a pent-up demand and job creation, along with still favourable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”

Read more at Realtor.org.

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