Bidding Wars Will Surge as Prices Rise and Supply Falls

According to new data from the NAR, prices rose 6 percent in the fourth quarter of 2014 as buyers competed for fewer homes available on the market.

“Home prices in metro areas throughout the country continue to show solid price growth, up 25% over the past three years on average,” Lawrence Yun, chief economist at NAR, told Realtor.com. “This is good news for current homeowners but remains a challenge for buyers who are seeing home prices continue to outpace their wages.”

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