Metro Area Home Price Growth Trend Continues in First Quarter

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.

The median existing single-family home price rose in 133 out of 150 metropolitan statistical areas (MSAs) 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.