Rising sales and lower inventory creating a more balanced us property market

Housing affordability conditions improved in most metropolitan areas in the United States in the final quarter of 2011 with rising sales and lower inventory creating more balanced conditions, according to the latest report from the National Association of Realtors.

The median existing single family home price rose in 29 out of 149 metropolitan statistical areas (MSAs) in the fourth quarter from a year earlier. Two were unchanged and 118 areas had price declines.

According to Lawrence Yun, NAR chief economist, the figures reflect greater home sales activity at lower price points. ‘Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish,’ he said.

Source: PropertyWire.com