Housing Prices Were Up During 4th Quarter Even As Economy Slowed

Tuesday, February 12, 2013 07:50
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Housing Prices Were Up During 4th Quarter Even As Economy Slowed

Tags: economic indicators | Economic Outlook | economy

Single-family home prices rose during the fourth quarter in 88% of US cities despite the slowdown in economic growth.
 
The low interest rate environment and improvement in the job market along with tight supply are causing prices to rise to a median price of $178,900, the highest since 2005.

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The improvement means prices are on a sustained uptrend. There were 22% fewer homes on the market at the end of December than one year earlier.
 
In Phoenix, the supply of short sales dropped 42% in December in year-to-year comparisons.
 
Home prices rose 3.6% in the New York, New Jersey, and Long Island metropolitan areas. The Realtor’s Group’s Housing Affordability Index averaged 193.5 in 2012, up from 186.4 in 2011.

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