Brentwood Real Estate Market News: Home prices strong in final quarter of 2012
Those considering buying Brentwood real estate are often advised to stay up-to-date with local housing market factors. Reports throughout the second half of 2012 were for the most part positive, and a recently released quarterly report from the National Association of Realtors revealed home prices posted significant gains in the last three months of the year.
According to the report, the median existing single-family home price increased in 133 of the 152 metropolitan areas reviewed by NAR. Rising home prices are indicative of an overall improving housing market nationwide. The national median price reached $178,900, up 10 percent from the fourth quarter of 2011 when the median price was $162,600, marking the greatest year-over-year gain since the last quarter of 2005.
While many factors contribute to these improvements, a lower inventory of delinquent properties has allowed home prices to return to higher levels. The number of distressed sales accounted for 23 percent of all activity in the fourth quarter of last year, down from the year before when they made up 30 percent of transactions. Overall sales jumped 5 percent from the third quarter and improved by 12.1 percent on an annual basis.
“Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates,” said Lawrence Yun, chief economist of NAR.