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Market Insider: Regional Variations in Recovery

By Lawrence Yun, Chief Economist, National Association of REALTORS®

The national housing data have been quite impressive this year. Existing-home sales were up 9.4 percent last year and are on track to match with similar increases this year. New-home sales are showing even better percentage gains, though off very low levels after having collapsed by more than 70 percent during the Great Recession. Home prices have also been rising at a faster pace than almost anyone expected, with national median prices projected to rise 11 percent this year. However, as we know, all real estate is local. Houses cannot simply be picked up from one location and moved to another spot to take advantage of price arbitrage.

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