NAR Cites Strong House Price Gains

House prices posted strong gains in the majority of metropolitan statistical areas in the second quarter, according to the National Association of Realtors.The NAR's metro area home price report indicates that 67 of the 149 surveyed MSAs had double-digit annual increases in median existing-home prices. The NAR also reported that the national median single-family resale price rose to $208,500 in the second quarter, up 13.6% from that of a year earlier. NAR chief economist David Lereah said the price gains were unprecedented. "When you look at appreciation of home prices relative to the overall rate of inflation, these are the strongest increases on record," Mr. Lereah said. "The continuing shortages of housing inventory are driving the price gains." The NAR can be found online at http://www.realtor.org.