Home-Price Growth Sped Up Last Year, Realtors Say

Home-price growth accelerated late last year, according to a report released Wednesday by the National Association of Realtors, as a lack of supply continues to drive up prices despite cooling demand. The national median existing single-family home price grew nearly 7% to $222,700 in the fourth quarter, compared with the same time last year, Realtors said. Prices increased 5.4% in the third quarter compared with a year earlier. That price bump came despite the fact that the pace of sales slowed. Total existing home sales, including single-family properties and condos, declined 5.4% to a seasonally adjusted annual pace of 5.18 million from nearly 5.5 million in the third quarter.

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