Regional Existing Home Prices Going Up, Rose Nearly 12% Since Third Quarter Of Last Year

PHILADELPHIA (CBS) -- Homebuyers have been suffering some sticker shock. Prices are surging as people take advantage of record-low mortgage rates.

The National Association of Realtors says, in our region, the average price for existing single-family homes was nearly $287,000 last quarter.

That's up nearly 12% from the same quarter last year.

Supply is also tightening. Some other regions jumped as much as 27%.

Those include Bridgeport, Connecticut, Crestview, Florida, and Pittsfield, Massachusetts.

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