Report: U.S. Home Prices On the Rise

By Saul Gross

More Info

The National Association of Realtors recently announced the latest U.S. real estate figures, and the numbers are encouraging for anyone who's considering selling their home. Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014. This is a fantastic development for anyone anxious to get a good price for their home.

What You Should Know About U.S. Home Sales

Here is an overview of the highlights of NAR's most recent market report:

• The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
• 24 areas had price gains of 10 percent or more.
• That figure is up from 16 regions during the third quarter.
• Meanwhile, prices declined in 24 areas.
• Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
• Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
• At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
• The number of markets that saw year-over-year price gains in the fourth quarter has increased.
• The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.

A Different Effect Seen in Canada

As U.S. home prices have increased, many Canadian cities are seeing a decline in home prices.

According to market data:

• Home prices have started trending downward in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton, Ontario
• Still, at least two major cities showed gains. On an annual basis, home prices were up 7.4 percent in Toronto and up 5.1 percent in Vancouver.

When it Comes to Real Estate, Knowledge is Power

At Streamline we take pride in providing the most up-to-date real estate market information so our home buyers and sellers can make the right decisions. Check back soon for more news on the state of the country's housing market and how it could impact you as a buyer or seller.