13 Feb '18, 8pm

Home prices in two-thirds of US cities have hit record highs

[WASHINGTON] Home prices jumped to all-time highs in almost two-thirds of US cities in the fourth quarter as buyers battled for a record-low supply of listings. Prices for single-family homes, which climbed 5.3 per cent from a year earlier nationally, reached a peak in 64 per cent of metropolitan areas measured, the National Association of Realtors said Tuesday. Of the 177 regions in the group's survey, 15 per cent had double-digit price growth, up from 11 per cent in the third quarter. Home values have grown steadily as the improving job market drives demand for a scarcity of properties on the market. While prices jumped 48 per cent since 2011, incomes have climbed only 15 per cent, putting purchases out of reach for many would-be buyers. The consistent price gains "have certainly been great news for homeowners, and especially for those who were at one time in a negative ...

Full article: http://www.businesstimes.com.sg/real-estate/home-prices-i...

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