Industry News

Real estate prices hit double-digit growth in 62 metro areas

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A record number of metropolitan areas showed double-digit annual price appreciation in median existing-home prices in fourth-quarter 2004, according to a report by the National Association of Realtors. The association's fourth-quarter metro area home-price report, covering 129 metropolitan statistical areas, shows 62 areas with double-digit annual increases in median existing-home prices and only four areas posting modest price declines. The previous record was 49 metros showing double-digit price appreciation in the second quarter of 2004. The national median existing-home price was $187,500 in the fourth quarter, 8.8 percent higher than a year earlier when the median price was $172,400. In the third quarter of 2004, the national median existing-home price was $188,200 and the national annual rate of home-price appreciation was 7.5 percent. The median is a typical market price where half of the homes sold for more and half sold for less. For the year of 2004, the median existing-...