November 16, 2004 09:16 PM
Pattern of Strong Home-Price Gains Continues in Most Metro Areas
Excerpt: The association's third-quarter metro area home price report, covering changes in 127 metropolitan statistical areas,* shows 45 areas with double-digit annual increases in median existing-home prices and 11 areas posting small declines.
WASHINGTON (November 15, 2004) – Tight housing inventories continued to drive home price increases in most metropolitan areas during the third quarter, according to the latest survey by National Association of Realtors®.
The association's third-quarter metro area home price report, covering changes in 127 metropolitan statistical areas,* shows 45 areas with double-digit annual increases in median existing-home prices and 11 areas posting small declines.
View Quarterly Data
The national median existing-home price was $188,500 during the third quarter, up 7.7 percent from the third quarter of 2003 when the median price was $175,000. The median is a typical market price where half of the units sold for more and half sold for less. In the second quarter, the annual price increase was 8.9 percent.
David Lereah, NAR's chief economist, said the rate of home price appreciation is cooling. "Nationally, the annual rate of price growth is slower than in the second quarter, and that is good for long-term gains in the market," he said. "Home prices are still rising faster than historic norms because we continue to have more buyers than sellers. However, those conditions vary widely with the greatest pressure on home prices in California and Florida."
"In the relatively small number of markets where prices were down slightly, there was some local economic weakness from a soft labor market, an unusually large supply of homes available for sale, or both," Lereah said. "However, none of these areas had experienced rapid price growth and we see no evidence of price bubbles."
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