Home Prices Rise Most since 2006; Pace to Slow

Home Prices continued higher for most of the metropolitan areas examined in the most recent quarterly report by the National Association of Realtors® (NAR).  Median prices for the report were based on closings in the 3rd quarter.

The number of Metropolitan Statistical Areas (MSAs) with higher prices increased by 1 percent from the second quarter and by 7 percent from the third quarter of 2012–the strongest year-over-year improvement since 2006.

Prices rose in 144 out of the 163 metro areas surveyed (88%).  Nineteen percent saw prices decline and 33 percent experienced double digit increases–nearly twice as many as last year.  That’s a trend that NAR’s chief economist Lawrence Yun sees shifting in 2014.