National Housing Prices Still Rising on a Year Over Year Basis
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While the slowdown is coming, and some a predicting the bubble will be bursting, year over year numbers for housing are showing some significant gains on a national level.
The end to some of the most impressive gains in housing appreciation in ages may be near, a growing number of prognosticators say. But the slowdown hasn’t shown up just yet, according to the latest figures from the Federal Housing Finance Board.
The average price of both new and existing houses sold in the nation’s 32 largest metropolitan areas jumped 15.6% in the third quarter, from $274,300 to $317,000, the housing finance board reports.
That’s the largest year-over-year increase since the first quarter of 2004, when the average price was 16.9% greater than the first quarter of 2003. By comparison, the year-to-year gain registered in last year’s third quarter was just 13.1%.
But that’s the national overview. On a local basis, price gains are indeed slowing in some places, the government’s latest figures show. via LA Times
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