According to the latest quarterly report by the National Association of Realtors (NAR), the majority of U.S. metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market.
The median existing single-family home price increased in 86 percent of measured markets, with 150 out of 175 metropolitan statistical areas (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2013. Twenty-four areas (14 percent) recorded lower median prices from a year earlier.
In the West, existing-home sales fell 6.0 percent in the fourth quarter and are 0.9 percent below a year ago. The median existing single-family home price in the West jumped 4.8 percent to $299,500 in the fourth quarter from the fourth quarter of 2013.