Home Prices Continue To Rise in First Quarter

Washington, DC, May 13, 2013 -- Metropolitan area median home prices continued to rise in the first quarter, with the national gain showing the best year-over-year performance in over seven years, according to the latest quarterly report by the National Association of Realtors. 

A companion breakout of income requirements to purchase a median-priced home on a metro basis shows the typical buyer earns roughly double the income needed to buy a home in his or her area, NAR said.

The median existing single-family home price rose in 133 out of 150 metropolitan statistical areas based on closings in the first quarter of 2013 compared with first quarter last year, while 17 areas had price declines.

In the fourth quarter of 2012, a comparable 133 areas showed price increases from a year earlier, greatly improved from the first quarter of 2012 when prices in only 74 metros were up.

Lawrence Yun, NAR chief economist, said many areas are experiencing a seller’s market.

“The supply/demand balance is clearly tilted toward sellers in a good portion of the country,” he said.

“Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation.  If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014.”

At the end of the first quarter there were 1.93 million existing homes available for sale, which is 16.8% below the close of the first quarter of 2012, when 2.32 million homes were on the market.

The national median existing single-family home price was $176,600 in the first quarter, up 11.3% from $158,600 in the first quarter of 2012.

This is the strongest year-over-year price increase since the fourth quarter of 2005 when the median price jumped 13.6%, NAR said.  In the fourth quarter of 2012 the median price rose 10.0% from a year earlier.



Other Archived Articles

Manufacturing Continues To Expand in November   Full Article
Washington, DC, Dec. 1, 2014 -- Manufacturing continued to expand in November but at a slightly slower pace, according to the Institute for Supply Management.

Carpetland USA Colortile Holds Buying Meeting   Full Article
Chattanooga, TN, Dec. 1, 2014 -- Carpetland USA Colortile held its 2014 Buying Committee Meeting in Chattanooga Nov. 17-18

FloorFolio Gets Second Patent for EnviroQuiet   Full Article
Edison, NJ, Dec. 1, 2014 -- FloorFolio Industries said it has received a second patent for EnviroQuiet luxury vinyl tile.

INSTALL Adds Five New Members   Full Article
Haddonfield, NJ, Dec. 1, 2014 -- INSTALL has added five new partner companies to its ranks. The newest companies are:

Durable Goods Orders Up on Military Spending   Full Article
Washington, DC, Nov. 26, 2014 -- Durable-goods orders rose last month mostly due to military spending, the Commerce Department said.

Consumer Spending, Income Rise in October   Full Article
Washington, DC, Nov. 26, 2014 -- U.S. consumer spending picked up at a modest pace in October, according to the Commerce Department.

Consumer Sentiment Continues To Rise   Full Article
Ann Arbor, MI, Nov. 26, 2014 -- Consumer sentiment in November hit its highest level in more than seven years, according to the Thomson Reuters/University of Michigan's final November reading.

New Home Sales Hit Five-Month High   Full Article
Washington, DC, Nov. 26, 2014 -- Sales of new single-family homes edged up in October to the fastest rate in five months, according to the Commerce Department.

Initial Jobless Claims Rise Last Week   Full Article
Washington, DC, Nov. 26, 2014 -- Initial claims for unemployment benefits unexpectedly rose last week to the highest level since September, according to the Labor Department.

Pending Home Sales Dip in October   Full Article
Washington, DC, Nov. 26, 2014 -- Pending home sales fell 1.1% in October, the National Association of Realtors reported Wednesday.

Mortgage Applications Decline Last Week   Full Article
Washington, DC, Nov. 26, 2014 -- Mortgage applications last week fell 4.3% from one week earlier, according to the Mortgage Bankers Association.

Dixie Group, Desso Terminate Joint Venture   Full Article
Chattanooga, TN, Nov. 26, 2014 -- Dutch carpet firm Desso and The Dixie Group have terminated their joint sales venture agreement.

USGBC Names Directors, Officers   Full Article
Washington, DC, Nov. 26, 2014 -- The U.S. Green Building Council announced today the newly elected and appointed officers and directors to its 2015 Board of Directors.

Installation Apprentice School To Open Next Year   Full Article
Dalton, GA, Nov. 25, 2014 -- A non-profit floorcovering installation apprentice school has been set up in Dalton.

House Prices Increase in Third Quarter   Full Article
Washington, DC, Nov. 25, 2014 -- House prices rose 0.9% in the third quarter, according to the Federal Housing Finance Agency House Price Index.

Home Prices Rise from a Year Ago   Full Article
Washington, DC, Nov. 24, 2014 -- U.S. home prices year-over-year rose 4.9% in September-- the slowest pace since October 2012 -- compared with annual growth of 5.6% in August.

Third Quarter GDP Growth Revised Higher   Full Article
Washington, DC, Nov. 24, 2014 -- Economic growth for the third quarter was revised higher than initial estimates.

Dixie Group Forms Masland Hospitality Business   Full Article
Chattanooga, TN, Nov. 25, 2014 -- The Dixie Group said it is forming Masland Hospitality, a new business that will be led by Elizabeth Moore, vice president of Masland Hospitality.

Rugnews.com Founder Wyman Dies   Full Article
New York, NY, Nov. 25, 2014 -- Rugnews.com founder Lissa Wyman died Nov. 18 at her Manhattan home at age 70.

Tarkett Plant in Canada Wins Safety Award   Full Article
Chagrin Falls, OH, Nov. 24, 2014 -- Tarkett said its Waterloo, Canada commercial plant is the Silver winner of Canada’s Safest Employers Award.