Top 5 Housing Markets On The Rise
Source: Bankrate.com | May 11, 2011
House prices went up in nearly one-quarter of metropolitan markets from the beginning of 2010 to the first quarter of 2011. The median price of homes sold in the U.S. in the first three months of this year was 4.6 percent lower than in the first quarter of 2010, according to the National Association of Realtors' quarterly survey. But the good news is the lower prices have contributed to an increase in the volume of homes being sold. Total home sales, including single family homes and condos, increased by 8.3 percent to a seasonally adjusted annual rate of 5.14 million in the first three months, compared to the previous quarter. "The rising sales trend in nearly all states is a part of the healing process to clear off inventory. Sales need to rise before prices can firm up," says Lawrence Yun, NAR's chief economist. Some fortunate areas actually saw prices increase. The median home price rose in 34 metropolitan areas, including in Charlotte-Gastonia-Concord, N.C.-S.C., where the median home sales price increased by 12.2 percent compared to last year. Here is a look at the five fastest-rising markets. [Read this article]
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