Industry News

U.S. real estate prices grow by double digits

Phoenix metro area reports 49% annual increase in values

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About half of the U.S. metro areas included in a National Association of Realtors home-price report had double-digit annual price from fourth-quarter 2004 to fourth-quarter 2005. The association's report, which covers 145 metropolitan statistical areas, shows a record 72 areas with double-digit annual increases in median existing single-family home prices. Six areas posted price declines. The previous record for areas showing double-digit price appreciation was 69 metros in the third quarter of 2004, the association announced today. David Lereah, NAR's chief economist, said in a statement, "Although home sales have eased, the tremendous momentum in price appreciation was sustained in the fourth quarter because tight inventories still favored sellers. The good news is that the supply of homes on the market has been trending up and we are entering a period of a more normal balance in supply and demand." The national median existing single-family home price was $213,000 in the fourth qu...