House prices increase in 89 percent of cities as recovery expands | North Salem Real Estate

BOSTON — Prices for single-family homes increased in 89 percent of U.S. cities in the first quarter as the housing market extends a recovery from a five-year slump.

The median sales price rose from a year earlier in 133 of 150 metropolitan areas measured, the National Association of Realtors said in a report Thursday. A year earlier, 74 areas had gains.

Buyers returning to the housing market are bidding up prices for a tight supply of listings. The national median price for an existing single-family home was $176,600 in the first quarter, up 11.3 percent from the same period last year. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group.

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