Home prices start to heat up, affordability worries emerge; Phoenix prices not in top 10 growth

Screen Shot 2015-05-12 at 7.23.38 AMBy Laura Kusisto | The Wall Street Journal

The number of metropolitan areas that saw double-digit percentage increases in home prices more than doubled during the first quarter, reflecting a mix of thin supply and strong demand that points to heated competition for home buyers.

Fifty-one metro areas posted year-over-year double-digit price increases compared with 24 metro areas in the fourth quarter of 2014 and 37 in the first quarter a year ago, the National Association of Realtors said Monday.

The double-digit gains were widespread—from an 11% bump in Columbus, Ohio, to a 13% jump in Raleigh-Cary, N.C.—indicating more than just a handful of hot markets.

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