The majority of homes in metropolitan areas in the third quarter experienced robust year-over-year price gains, with the national median price showing the strongest annual growth in nearly eight years, according to the latest quarterly report by the National Association of Realtors.
The median existing single-family home price increased in 88% of measured markets, with 144 out of 163 metropolitan statistical areas1 (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2012. Fifty-four areas, 33%, had double-digit increases, while 19 had price declines.