Urban Living…for More

Home prices are on the upswing in an overwhelming majority of metropolitan cities. City life has virtually always guaranteed a more expensive cost of living than the outer suburbs, but it seems the gap is widening. And as eager buyers rush in to snap up property and cash in on the best bargains, inventory is tightening and properties in the lower price ranges are becoming scarce.

According to NAR’s latest quarterly metro price report, the median existing single-family home price rose in 110 of the 147 metropolitan areas in the second quarter of 2012 compared to a year ago, when only 41 metro areas saw increased sales prices. In the first quarter of 2012, 74 areas showed price gains from a year earlier.

Story Springboard

“So where can I get a good deal?” NAR’s Research department has compiled a table of the most affordable major metro areas.  Cities include Tampa, Riverside, Phoenix, Detroit and Chicago. Find out where they rank by visiting http://economistsoutlook.blogs.realtor.org/2012/08/14/major-metro-areas-... . Talk to REALTORS®, home sellers and home buyers in your area to find out if and how affordability is affecting the local real estate market.