National Average Price Growth Expected To Slow
The national median existing-home price for all housing types was $211,000 in December, up 10.5% from December 2004 when the median was $191,000. The median is a typical market price where half of the homes sold for more and half sold for less.
For all of 2005, the median price was $208,700, up 12.7% from a median of $185,200 in 2004. NAR President Thomas M. Stevens said it may take a while for home price growth to cool. “We’re coming off of five years of tight supply, and many sellers are accustomed to expecting very strong price gains and exceptional returns on their investment,” said Stevens. “With the supply of homes improving and buyers having more choices, the rate of price growth should come down to more normal levels this year.”
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