According to the National Association of Realtors report, many metropolitan cities in the U.S. showed exceptionally high year-over-year home price gains. The report also states that the median price posting was the best rates seen in approximately eight years. These rates are all expected to help the housing market grow over the coming months and years. The NAR chief economist, Lawrence Yun said, Rising prices and higher interest rates have taken a bite out of housing affordability, however, we have the ongoing situation of more buyers than sellers in the market, so lower sales will help to take the pressure off home price growth and allow them to rise slowly at a single-digit growth rate in 2014.” More here