The National Association of Realtors released its latest quarterly home price report Tuesday, showing prices were up last quarter in 73% of measured markets compared to the year prior. While still strong, that number is down from 88% of markets in the third quarter, reflecting the late-year slowdown in housing.
According to the group, the national median existing single-family home price last quarter was just under $197,000, up a little more than 10% from the year-ago quarter. 119 out of 164 markets posted yearly growth; out of those, 42 saw double-digit increases.
While positive for homeowners, last quarter's continued rise in prices brought down affordability for buyers. The NAR's Housing Affordability Index, also released Tuesday, declined in Q4 to a reading of 175.8 from 2012's record high of 196.5. The association's chief economist, Lawrence Yun, said he expects rising supply to help stem the erosion in affordability, though rising mortgage rates may present a problem.