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According to the National Association of Realtors, prices for single-family homes climbed in half of U.S. cities in the first quarter as the real estate market stabilizes.
The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today.
The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier.
Among the bigger leaders, prices rose 19 percent in Grand Rapids, Michigan.
