Contacts
 






Keyword Site Search







Metro Home Prices Moderate in Second Quarter



WASHINGTON D.C. - Appreciation in existing single-family home prices cooled to single digit rates in most metropolitan areas during the second quarter, while metro area condo prices were essentially flat in comparison with a year ago, according to the latest survey by National Association of Realtors.

The association's second-quarter metro area single-family home price report, covering changes in 151 metropolitan statistical areas, shows 37 areas with double-digit annual increases and 26 metros experiencing generally minor price declines - many of the areas with declines are showing weakness in the local labor market.

The national median existing single-family home price was $227,500 in the second quarter, up 3.7 percent from a year earlier when the median price was $219,400.

"With more sellers competing for the pool of buyers, the pressure on home prices has evaporated in most metro areas," David Lereah, NAR's chief economist said. "After a full year of double-digit gains in the national median price, the timing is right for a cooling in the rate of growth - we are presently experiencing a soft landing in the housing sector."

Metro area condominium and cooperative prices, covering changes in 57 markets, show the national median existing condo price was $225,800 in the second quarter, down 0.3 percent from a year earlier. Fifteen metros showed double-digit annual gains in the median condo price, and 14 areas had declines.

The largest single family home price increase was in the Baton Rouge, La., area, where the second quarter price of $172,300 was 27.3 percent higher than a year ago. Next was Ocala, Fla., at $169,500, up 25.3 percent from the second quarter of 2005. The Virginia Beach-Norfolk-Newport News area of Virginia and North Carolina, with a second quarter median price of $237,300, increased 23.6 percent in the last year.

Median second quarter metro area single-family prices ranged from $65,200 in Danville, Ill., to nearly 12 times that amount in the San Francisco-Oakland-Fremont area where the median price was $751,900. The second most expensive area was the San Jose-Sunnyvale-Santa Clara area of California, at $748,200, followed by the Anaheim-Santa Ana-Irvine area (Orange Co., Calif.), at $726,200.

Other low-cost markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania, the second least-costly metro at $78,700, and Decatur, Ill., with a second-quarter typical resale home price of $85,300.

In the condo sector, the strongest gains were in the Phoenix-Mesa-Scottsdale area, where the second quarter price of $189,600 rose 25.3 percent from a year ago. In the Trenton-Ewing area of New Jersey, the median condo price of $261,600 rose 23.3 percent from the second quarter of 2005, while Honolulu, at $305,000, increased 18.7 percent.

Metro area median existing condo prices in the second quarter ranged from $109,900 in Greensboro-High Point, N.C., to $647,200 in San Francisco-Oakland-Fremont. The second most expensive reported condo market was Los Angeles-Long Beach-Santa Ana, at $410,500, followed by the San Diego-Carlsbad-San Marcos area of California at $373,800.

Other low cost condo markets include Bismarck, N.D., at $110,000, and Rochester, N.Y., at $110,500.

Regionally, the strongest increase in was in the Northeast where the median resale single-family home price in the second quarter was $299,200, up 6.3 percent from a year ago. The strongest increase in the region was in Elmira, N.Y., at $87,300, up 12.4 percent from the second quarter of 2005, followed by Glens Falls, N.Y., with a median price of $158,700, up 11.8 percent, and Philadelphia-Camden-Wilmington, at $235,100, up 11.4 percent.

In the South, the median existing single-family home price was $188,200 in the second quarter, up 4.1 percent from a year earlier. After the Baton Rouge, Ocala and Virginia Beach-Norfolk-Newport News areas, the strongest increase in the South was in Gainesville, Fla., at $214,100, up 19.7 percent from the second quarter of 2005. Next were the Florida areas of Jacksonville and Tampa-St. Petersburg-Clearwater, at $198,000 and $231,600 respectively, both up 18.8 percent from a year ago.

In the West, the median existing single-family home price rose 3.6 percent to $350,800 during the second quarter. The strongest increase in the West was in the Portland-Vancouver-Beaverton area of Oregon and Washington, at $242,700, up 19.1 percent from second quarter of 2005, followed by Spokane, Wash., at $179,000, up 18.6 percent, and Eugene-Springfield, Ore., at $227,600, up 18.3 percent from a year ago.

In the Midwest, the second-quarter median existing single-family home price of $167,400 slipped two percent from a year earlier. The strongest metro increase in the Midwest was in Bismarck, N.D., where the median price of $138,600 was 14.1 percent higher than the second quarter of 2005. Next was the St. Louis area, at $153,000, up 7.8 percent, and Waterloo-Cedar Falls, Iowa, at $108,200, up 7.4 percent in the last year.


Search Site by Story Keywords



Related Stories



June 18, 2019, 8:47 am PDT

Website problems, report a bug.
Copyright © 2019 Landscape Communications Inc.
Privacy Policy