And today word come from that nationally that the median single-family home price increased in 73 percent of markets, according to a report released this morning by the National Association of Realtors.
Reads the analysis summary: “….with 119 out of 164 metropolitan statistical areas (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2012. Forty-two areas, 26 percent, had double-digit increases, two were unchanged and 43 recorded lower median prices.”
And with this the stock of affordable housing is not keeping pace.
The association’s Chief Economist Lawrence Yun said while most homes have increased in value during the last two years, homeowners are struggling economically.
“Home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”
The association says that the the most expensive housing markets of the fourth quarter were in San Jose, Calif.; San Francisco; Honolulu; Anaheim-Santa Ana, Calif.; and San Diego.
The lowest cost metropolitan areas were Toledo, Ohio; Rockford, Ill.; Cumberland, Md.; Elmira, N.Y.; and South Bend, Ind.