US Real Estate: Beverly Hills Prices Rise
Reporting from The Platinum Triangle in Beverly Hills.
US home prices rise in some cities, markets firming
Single family home prices rose in about 50% of US cities in Q-1 of Y 2012 as property markets firmed.
The median price increased from a year earlier in 74 of 146 Metro areas measured, the National Association of Realtors said in a report Wednesday. In Q-4 of Y 2011 just 29 areas gained.
The US housing market looks to be bottoming as improving employment and record-low mortgage rates boost demand, as inventories of available properties shrink.
At the end of March, 2.37-M previously owned homes were available for sale, 22% fewer than a year earlier, the Realtors said.
The report said there are broad shortages of lower-priced homes in much of the US, and the supply is very tight in Western states for homes through the middle price ranges, that is good news for many sellers who wish to list their homes now, or for those waiting for prices to improve.
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