Home Prices Up

Physician's Money Digest, January31 2005, Volume 12, Issue 2

Although the rate of increase inhome prices eased a bit during the thirdquarter of last year, the median price foran existing home in the nation went upto $188,500, a 7.7% boost from thethird quarter of 2003. According to theNational Association of Realtors(www.realtor.org), the underlying causeof the increase was a classic seller's market,in which there were more buyersthan homes to buy in mostareas. Upward price pressure was thegreatest in Florida and California,where the San Francisco Bay area heldthe title as the most expensive area tobuy a home, with a median price of$646,300. On the other end of the scale,the median home price in the Buffalo-Niagara Falls area was just $94,200.