Home prices higher on yearly basis in June
Home prices higher year-over-year
Home prices, despite monthly declines, are nearly 8 percent higher than a year ago, the National Association of Realtors (NAR) said in a recent report.
According to the NAR, the median existing-home price on a national level in June 2012 (for all housing types) rose 7.9 percent on a yearly basis to $189,400.
In addition, the median existing single-family home price in June 2012 ($190,100) is 8.0 percent higher than a year ago in June 2011.
“Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities,” Lawrence Yun, NAR chief economist, said in a statement.
Yun continued: “This, in turn, is pushing up home prices in many markets. The price improvement also results from fewer distressed homes in the sales mix.”
This is the fourth consecutive month that monthly home price numbers have been higher on a yearly basis, the NAR said.
Home prices up year-over-year in 3 of 4 U.S. regions
Median home prices are up year-over-year (June 2011 to June 2012) in three out of four of the major U.S. regions. The Northeast is the only region to experience a yearly decline, with the median home price falling 1.8 percent to $253,700.
Home prices in the West saw the largest yearly jump, increasing 13.3 percent to a median price of $233,300.
Meanwhile, home prices in the Midwest rose 8.4 percent from June 2011 to June 2012 to a median price of $157,600, and the median home price in the South rose 6.6 percent year-over-year to $165,000.