Meanwhile, the National Association of Realtors has also reported that the median prices of existing homes rose at double-digit rates during the second quarter in many metropolitan areas.The association's metro area home price report for the second quarter found that 49 of the 128 areas surveyed experienced double-digit annual increases in median resale prices. "A tight supply of available homes in a record sales market has been favoring sellers," said NAR chief economist David Lereah. "Even so, the low level of mortgage interest rates and loan origination costs are providing the headroom necessary for buyers to handle higher prices in most areas." The top rates of year-over-year increases in median resale prices were in Las Vegas, where the median price was up 52.4%, to $269,900; Anaheim-Santa Ana (Orange County, Calif.), up 38.7%, to $655,300; and the Riverside-San Bernardino area of California, up 38.5% to $294,500.

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