Home prices rise for fifth straight month

July home prices rise again

July data showed that the national median price increased for the fifth consecutive month, the National Association of Realtors (NAR) said in a recent report.

According to the NAR, the national median existing-home price came in at $187,300 in July, which represents a 9.4 percent increase from a year earlier in July 2011.

The 9.4 percent increase is the largest year-over-year gain seen since January 2006 (10.2 percent).

Additionally, this marks the first time in more than six years that five consecutive monthly increases (on a yearly basis) were seen. The last time period was January to May of 2006.

“Fewer sales in the lower price ranges are contributing to stronger increases in the median price, but all of the home price measures now are showing positive movement and that is building confidence in the market,” Lawrence Yun, NAR chief economist, said in a statement.

“Furthermore, the higher median price naturally means more housing contribution to economic growth,” he added.

West leads regional price gains

All four major U.S. regions experienced yearly increases in median home prices in July, led by the West.

In the West, the median price jumped to $238,600, a rise of 24.5 percent from a year earlier in July 2011. The South experienced a 6.6 percent increase on a yearly basis, with the July median home price registering at $162,600.

The median price in the Northeast rose to $254,200 in July, up 3.5 percent from a year earlier, while the Midwest experienced a 5.8 percent yearly increase with July’s median home price of $154,100.

Posted in: Home Equity, Mortgage, Refinance

Home Equity News: This article was published on 8-31-2012 at 9:10 am.

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