Home prices up in 88% of U.S. cities

Prashant Gopal and John Gittelsohn / Bloomberg News /


Prices for single-family homes climbed in almost 88 percent of U.S. cities in the fourth quarter as the housing recovery broadened.

The median sales price increased from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors reported Monday. In the third quarter, 120 areas had gains.

An improving job market and low interest rates are driving up prices by fueling demand for a tightening supply of listings. U.S. home prices rose 8.3 percent in December from a year earlier, the biggest jump since May 2006, Irvine, Calif.- based CoreLogic reported Feb. 5.

“The U.S. housing recovery showed no signs of slowing in the final stages of 2012,” Paul Diggle, property economist for Capital Economics in London, said in a note to clients after CoreLogic’s report was released.