Report: US Home Prices On the Rise
Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.
This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.
What You Should Know About US Home Sales
Here is an overview of the highlights of the most recent real estate market report:
- The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
- 24 areas had price gains of 10 percent or more.
- That figure is up from 16 regions during the third quarter.
- Meanwhile, prices declined in 24 areas.
- Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
- Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
- At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
- The number of markets that saw year-over-year price gains in the fourth quarter has increased.
- The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.
A Different Effect Seen in Canada
As US home prices have increased, a lot of Canadian cities are seeing declines in home prices.
According to the market data:
- Home prices have started trending downward in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton, Ont.
- Still, at least two major cities showed gains. On an annual basis, home prices were up 7.4 percent in Toronto and up 5.1 percent in Vancouver.
When It Comes to Real Estate, Knowledge is Power
We take pride in being able to provide you with the most up-to-date market information so that you can make informed decisions as home buyers and sellers.
Check back soon for even more updates on the state of the national housing market and how that may impact you as a buyer or seller.