The National Association of Realtors recently announced the latest US real estate figures and the numbers are encouraging for anyone 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 hoping to get a good price on their home for sale.
What You Should Know About US Home Sales
Here is an overview of the highlights of the most recent real estate 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.