Home prices jumped to all-time highs in almost two-thirds of U.S. cities in the fourth quarter as buyers battled for a record-low supply of listings.
Prices for single-family homes, which climbed 5.3% from a year earlier nationally, reached a peak in 64% of metropolitan areas measured, the National Association of Realtors said Tuesday. Of the 177 regions in the group's survey, 15% had double-digit price growth, up from 11% in the third quarter.
Home values have grown steadily as the improving job market drives demand for a scarcity of properties on the market. While prices jumped 48% since 2011, incomes have climbed only 15%, putting purchases out of reach for many would-be buyers.
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