Fourth Quarter Metro Area Home Prices Show Strongest Performance in Seven Years

A growing number of metropolitan areas had higher median home prices in the fourth quarter, with the national price showing the strongest year-over-year increase in seven years, according to the latest quarterly report by the National Association of Realtors.  A companion report shows record high housing affordability conditions for metro areas in 2012.

The median existing single-family home price rose in 133 out of 152 metropolitan statistical areas (MSAs) based on closings in the fourth quarter compared with same quarter in 2011, while 19 areas had price declines.  In the third quarter 120 areas showed increases from a year earlier, while in the fourth quarter of 2011 only 29 metros were up.