2012 began with atypically strong home sales, which carried through the entire year. As a result, inventories declined and price appreciation took off.
Over the 4-quarter period ending in December, 131 markets or 88% of those monitored by NAR Research experienced rising median home prices.
Of the top ten, the majority were in states experiencing a price rebound after a sharp downturn in the wake of the subprime crisis.
While Nevada, California, Arizona and Florida all experienced sharp prices gains, several markets in the middle of the country, including Akron and Detroit, have also benefited from stable employment, record low mortgage rates and resurgent consumer confidence.
Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.