Median price of existing homes rises to $133,500

Real Estate Watch

August 29, 1999

The national median existing-home price rose 3.7 percent in the second quarter of 1999 to $133,500, compared with the second quarter last year, despite a rise in mortgage interest rates, according to a report by the National Association of Realtors.

Of the 120 metropolitan statistical areas NAR's report covers, 69 experienced an increase equal to or greater than the national amount.

San Francisco had the highest median price, $359,400. The lowest median price was $70,000 in the Youngstown-Warren, Ohio, area.

The average commitment rate for a conventional 30-year, fixed-rate mortgage was 7.21 percent during the second quarter, up from 7.09 percent in the 1998 quarter.

"The fact that we are seeing increased home prices across all regions and in most metropolitan areas speaks to the sustained strength of the economy and the housing market," said NAR chief economist James F. Smith.

NAR projects that mortgage interest rates will fall throughout the rest of 1999, ending the year at 6.6 percent.

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