The Housing affordability conditions improved in most metropolitan areas in the United States in the final quarter of 2011 with rising sales and lower inventory creating more balanced conditions to the latest report from the National Association of Realtors and the median existing single family home price rose in 29 out of 149 metropolitan statistical areas in the 4th quarter from a year earlier two were unchanged and 118 areas had price declines.
The Lawrence Yun NAR chief economist the figures reflect greater home sales activity at lower price points to sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish, he said to more importantly to seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas to will help stabilize home prices he added.
A national median existing single family home price was $163,500 in the fourth quarter, down 4.2% from $170,600 in the 4th quarter of 2010 and the median is where half sold for more and half sold for less than distressed homes is foreclosures and short sales which sold at discounts averaging 15 to 20%, accounted for 30% of fourth quarter sales compared with 34% a year earlier.
The Lawrence Yun NAR chief economist the figures reflect greater home sales activity at lower price points to sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish, he said to more importantly to seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas to will help stabilize home prices he added.
A national median existing single family home price was $163,500 in the fourth quarter, down 4.2% from $170,600 in the 4th quarter of 2010 and the median is where half sold for more and half sold for less than distressed homes is foreclosures and short sales which sold at discounts averaging 15 to 20%, accounted for 30% of fourth quarter sales compared with 34% a year earlier.
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