Industry News

U.S. real estate prices rise 10% in first quarter

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About 40 percent of U.S. metropolitan statistical areas tracked by the National Association of Realtors had double-digital annual existing-home price increases from first-quarter 2005 to first-quarter 2006, the trade group reported today, and 16 metro areas had price declines. The national median existing single-family home price was $217,900 in the first quarter, up 10.3 percent from first-quarter 2005 when the median price was $197,600. The median is a typical market price where half of the homes sold for more and half sold for less. In the fourth quarter of 2005, the annual rate of home-price appreciation was 13.6 percent. Metro area condominium and cooperative prices, covering changes in 56 markets, show the national median existing condo price was $224,100 in the first quarter, up 5.2 percent from a year earlier. Twenty-seven metros showed double-digit annual gains in the median condo price, and five areas had declines, the association reported. The largest single-family home pr...