The real estate market has shown significant signs of improvement this year, and metropolitan areas have been no exception.
According to the National Association of Realtors, existing single-family home prices increased in 120 out of 149 metro areas in the third quarter compared to the previous year. This was up from the 110 that showed improvements in the second quarter, and 39 that increased in the third quarter in 2011.
"Housing inventories have been gradually trending down from a record set in the summer of 2007," said Lawrence Yun, NAR chief economist. "Earlier this year, a broad equilibrium began to develop in most areas between home buyers and sellers, which led to a sustained upturn in home prices."
Nationally, the median existing single-family home price in the third quarter was $186,100, a 7.6 percent year-over-year gain.
Prices have risen for much of 2012 and Americans don't believe they will stop improving. According to Fannie Mae's October National Housing Survey, respondents expect prices to increase 1.7 percent in the next 12 months.
