Home prices slowly creeping up

NEW YORK (CNNMoney.com) -- The weak economy and continued high unemployment has kept housing markets cool. As a result, the median price of a single-family home crept up just 1.5% to $176,900 in the second quarter, according to a report released Wednesday by the National Association of Realtors.

Those year-over-year gains were very much in line with expectations, according to Lawrence Yun, NAR's chief economist.

"All year we've been seeing relatively flat national home prices, which appear to be supported by market fundamentals," he said. "We don't expect any consequential movement in home prices for the foreseeable future," said Yun.

The biggest year-over-year gains were in an odd mix of cities. , for example, an old city where foreclosures are rampant and home prices low, had the biggest gain. Prices there jumped 36% to $119,700.

  Add comment

Name:
E-Mail:
Comment:
Enter code: