Home Prices climbed in 87% of metro areas in first quarter

home-prices-2014_thumbnailBy Prashant Gopal | Bloomberg

Home prices climbed in 87 percent of U.S. metropolitan areas in the first quarter as buyers competed for a tight supply of listings, the National Association of Realtors said.

The median price of an existing single-family home rose from a year earlier in 154 of the 178 markets measured, the group said in a report Monday. In the previous three months, 81 percent of metropolitan areas had price increases. Twenty-eight regions had gains of 10 percent or more in the first quarter, down from 30 markets at the end of 2015 and 51 a year earlier.

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