U.S. home prices jumped by the biggest amount in more than six years in the third quarter ? up 7.6 percent from a year ago, according to Realtors.
And in the Dallas-Fort Worth area prices rose even faster ? up 8.8 percent ? in the National Association of Realtors Quarterly U.S. home price comparison.
Home prices were up in 120 of the 149 U.S. metro areas that the Realtors survey each quarter.
?Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,? Realtors president Moe Veissi said in the report. ?Sales this year are notably higher than the levels seen in 2008 through 2011, so we?re clearly in a recovery phase with rising sales, declining inventory and rising prices.?
Only 23 percent of homes sold nationwide in the third quarter were distressed properties, including foreclosures, compared with 30 percent in third quarter 2011, the Realtors trade group said.
The home price increase in the D-FW area was the highest in the Realtors quarterly report in almost 10 years.
Local home sales data from real estate agents estimates that median sales prices of preowned single-family homes rose by about 7 percent so far in 2012.
Source: http://bizbeatblog.dallasnews.com/2012/11/d-fw-and-u-s-home-prices-surge-in-third-quater.html/
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