 |
|
Most Metro Areas See Price Gains Since Last Year
|
The trend in firming home prices solidified in the second quarter with more
metropolitan areas showing increases from a year ago, aided by a surge in
home sales driven by the home buyer tax credit, according to the
latest survey by the National
Association of Realtors
With distressed homes accounting for a smaller proportion of sales
nationwide, median prices for existing homes were up from a year ago in
nearly two-thirds of the 155 metro markets tracked by the National
Association of Realtors during the second quarter.
The national
median price in the second quarter was $176,900, up from $174,200 in the
same quarter last year and up from $166,400 in the January-to-March period.
The median
price is the midpoint, which means half of the homes sold for more and half
for less. It typically falls in the winter and rises in the summer months.
That's because families with children traditionally move during the summer
and buy larger homes.
Although some economists expect to see some softness in home prices in some
markets during the second half of the year, NAR Chief Economist Lawrence Yun
today restated his conviction that the correction in home prices appears to
have ended in 2009.
"Prices in some areas remain below replacement construction costs, so even
with an elevated supply of existing homes on the market we don't expect any
consequential movement in home prices for the foreseeable future," Yun said
in a statement. "Very low inventory of newly built homes also will help to
support home values."
NAR's survey of existing-home prices showed increases in 100 of 155
metropolitan statistical areas (MSAs) tracked -- including double-digit
increases in 14 markets. Among the 53 metros registering price drops, five
experienced double-digit declines.
The largest
price gain was in Akron, Ohio. Prices there were up 36% from a year ago. The
San Francisco and San Jose areas, which have mounted a strong rebound from
the housing bust, also saw prices rebound by about 25%. Prices in the
Riverside, Calif. metro area were up 18% from a year ago.
The biggest
price drops were in Cumberland, Md., Tucson, Ocala, Fla. and Beaumont-Port
Arthur, Texas. Prices in all of those cities were down at least 13% from
last year.
Yun cautioned
against reading too much into those numbers, because the median price is
influenced by the mix of homes sold, and does not reflect pure appreciation
or depreciation.
Sale prices in many markets last year were depressed because a large
percentage of distressed homes sold at discount, Yun said. As sales of
nondistressed homes make up an increasingly larger part of the mix, the
median price in many areas is showing higher values, Yun said.
The top 20 appreciating markets, with second-quarter median home price and
year-over-year change, were:
|
Metro area
|
Q2 2010
|
Change
|
|
Akron, OH
|
$119,700
|
36.00%
|
|
San Jose-Sunnyvale-Santa Clara, CA
|
$630,000
|
26.00%
|
|
San Francisco-Oakland-Fremont, CA
|
$591,200
|
25.00%
|
|
Riverside-San Bernardino-Ontario, CA
|
$190,200
|
17.80%
|
|
Elmira, NY
|
$99,200
|
16.70%
|
|
Lansing-E,Lansing, MI
|
$92,100
|
13.40%
|
|
San Diego-Carlsbad-San Marcos, CA
|
$392,600
|
13.10%
|
|
Palm Bay-Melbourne-Titusville, FL
|
$117,300
|
12.70%
|
|
Erie, PA
|
$110,200
|
12.30%
|
|
Cape Coral-Fort Myers, FL
|
$94,100
|
12.00%
|
|
Cleveland-Elyria-Mentor, OH
|
$118,200
|
11.50%
|
|
Phoenix-Mesa-Scottsdale, AZ
|
$144,700
|
10.40%
|
|
Bridgeport-Stamford-Norwalk, CT
|
$419,400
|
10.30%
|
|
Gary-Hammond, IN
|
$127,000
|
10.30%
|
|
Canton-Massillon, OH
|
$111,500
|
9.90%
|
|
Columbus, OH
|
$149,700
|
9.60%
|
|
Los Angeles-Long Beach-Santa Ana, CA
|
$339,900
|
9.30%
|
|
Ft, Wayne, IN
|
$103,300
|
9.20%
|
|
Honolulu, HI
|
$621,600
|
9.10%
|
The top 20 declining markets, with second-quarter median home price and
year-over-year change, were:
|
Metro area
|
Q2 2010
|
Change
|
|
Cumberland, MD-WV
|
$104,500
|
-15.40%
|
|
Tucson, AZ
|
$150,200
|
-13.70%
|
|
Ocala, FL
|
$95,900
|
-13.00%
|
|
Beaumont-Port Arthur, TX
|
$120,700
|
-12.90%
|
|
Boise City-Nampa, ID
|
$140,100
|
-12.70%
|
|
Hagerstown-Martinsburg, MD-WV
|
$149,800
|
-9.20%
|
|
Jacksonville, FL
|
$139,000
|
-9.00%
|
|
Deltona-Daytona Beach-Ormond Beach, FL
|
$117,000
|
-8.00%
|
|
Salem, OR
|
$176,800
|
-7.50%
|
|
Gulfport-Biloxi, MS
|
$128,500
|
-7.40%
|
|
Farmington, NM
|
$174,800
|
-7.30%
|
|
Seattle-Tacoma-Bellevue, WA
|
$307,300
|
-6.40%
|
|
Reno-Sparks, NV
|
$180,300
|
-6.10%
|
|
Orlando, FL
|
$140,200
|
-6.00%
|
|
Binghamton, NY
|
$110,800
|
-5.90%
|
|
Springfield, MO
|
$112,400
|
-5.70%
|
|
Greensboro-High Point, NC
|
$134,200
|
-5.40%
|
|
Green Bay, WI
|
$133,800
|
-5.30%
|
|
Yakima, WA
|
$154,500
|
-5.10%
|

|
|
|
|
|
|
|
|