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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Homes: Hot markets</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, May 12 2005, 9:35 pm EDT<span class="gen"> </span> Post subject: Homes: Hot markets get hotter</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><span style="font-weight: bold">Homes: Hot markets get hotter <br /> <br />Home prices rallied in the first quarter; record number of areas had growth of more than 10%. <br /> <br />NEW YORK (CNN/Money) - U.S. residential real estate markets lost no steam in the first quarter of 2005, according to statistics released Thursday by the National Association of Realtors. </span> <br /> <br />The NAR's quarterly report covers 136 metro areas (see how they all rank). A record 66 of these have experienced double-digit jumps in home prices over the past year. <br /> <br />The previous record was 62 in the last quarter of 2004. Only six areas showed a fall in prices and those declines were fairly modest. <br /> <br />The median price of a single-family American home hit $188,800 at the end of the first quarter, a rise of 9.7 percent compared with a year ago. <br /> <br />The NAR, the nation's biggest real estate agent group, pointed to tight inventories as a major factor in the continued strong growth. <br /> <br />"We simply don't have enough homes on the market to meet demand," said David Lereah, the NAR's chief economist, in a statement. "We think the supply situation may improve next year when interest rates are expected to be higher – that should result in a lessening of demand and cooler price appreciation." <br /> <br />(<a href="http://money.cnn.com/2005/05/12/real_estate/metro_home_prices_up/index.htm" target="_blank" class="postlink">more...</a>)</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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