Home prices show strongest growth in 7 years

NAR: Nearly 9 out of 10 metro areas posted annual gains in Q4

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The median home price nationwide saw its biggest jump in seven years last quarter as for-sale inventory hit its lowest level in 12 years, according to a quarterly report from the National Association of Realtors.

Of 152 metro areas, 133 (87.5 percent) saw their median sales prices rise year over year in fourth-quarter 2012 compared with 120 in the third quarter and only 29 in fourth-quarter 2011.