Home Prices Pick Up Steam in Most Metro Areas during Second Quarter

[Annette Hibbler]

Note: I did not write this article, just posting for my BP'rs who are interested in Detroit Market News.

Median home prices continued to rise in the majority of metropolitan areas in the second quarter, with the national year-over-year price showing the strongest gain in seven-and-a-half years, according to the latest quarterly report by the National Association of REALTORS®.

Despite rising prices and higher mortgage interest rates, a companion breakout of income requirements to buy a median-priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area.

The median existing single-family home price increased in 87 percent of measured markets, with 142 out of 163 metropolitan statistical areas (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2012. Fifty areas, 31 percent, had double-digit gains; one was unchanged and 20 had price declines. Read Full Article