USATODAY.com - Metro home price gains soar to record
WASHINGTON — Home prices in 72 metropolitan areas showed double-digit increases in the fourth quarter last year, a record that was probably the peak in this real estate cycle, the National Association of Realtors said Wednesday. The number of metro areas with double-digit price increases surpassed a previous record of 69 areas with double-digit price gains in 2003's third quarter. The hottest area at the end of last year was the Phoenix-Mesa-Scottsdale region of Arizona, where the median home price soared 49% to $286,400. As a state, Florida held five of the top 10 markets with the fastest price appreciation, led by the Cape Coral-Fort Myers area with a 48% jump in the median home price. "I don't want to say this is the last hoorah, but it certainly reflects the peak of the boom in terms of price appreciation," said David Lereah, the NAR's chief economist. "It wasn't the highest quarter for price appreciation, at 13% (nationwide), but it covered a big part of the country – 72 metros is enormous." But he cautioned that the market is cooling fast. ..