National Association of Realtors® (N.A.R.) reports record home price gain
N.A.R. reports that "A record number of metropolitan areas showed double-digit annual price appreciation in median existing-home prices in the fourth quarter, and the overall pace of annual price growth accelerated from the third quarter".
In addition, "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."
Attributing the increases to the economic law of supply and demand, N.A.R. also reports that the west was the strongest area during the fourth quarter.
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