«
»

Home prices rise in most cities, but gain may not last


Wednesday, August 11th, 2010

Alan Zibel, Associated Press
USA Today

WASHINGTON — Home prices rose in nearly two-thirds of U.S. cities this spring as buyers took advantage of tax incentives that gave the struggling housing market a temporary jolt.

The median sales price for previously occupied homes rose compared with last year in 100 out of 155 metropolitan areas tracked in the April-to-June quarter, the National Association of Realtors said Wednesday. That compares with 91 out of 152 cities in the January-to-March quarter. Fourteen cities had double-digit price increases.

But the boost to the housing market in the second quarter faded shortly after tax credits expired at the end of April. Home sales fell in June and are expected to plunge further in July. Prices are expected to follow in the second half of the year.

The lowest mortgage rates in decades haven’t been enough to energize buyers. Home loan applications were virtually flat last week, the Mortgage Bankers Association said Wednesday.

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 traditional move during the summer and buy larger homes.

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.

Median sale prices of existing single-family homes

Metro area

Q2 2009

Q2 2010

Change

Akron, OH

$88,000

$119,700

36.0%

Albany-Schenectady-Troy, NY

$189,400

$194,300

2.6%

Albuquerque, NM

$182,200

$177,900

-2.4%

Allentown-Bethlehem-Easton, PA-NJ

$225,600

$227,200

0.7%

Amarillo, TX

$127,300

$127,200

-0.1%

Anaheim-Santa Ana, CA (Orange Co,)

$468,100

$504,500

7.8%

Appleton, WI

$113,900

$120,000

5.4%

Atlanta-Sandy Springs-Marietta, GA

$121,400

$122,700

1.1%

Atlantic City, NJ

$218,700

$224,400

2.6%

Austin-Round Rock, TX

$194,000

$196,600

1.3%

Baltimore-Towson, MD

$253,000

$251,600

-0.6%

Barnstable Town, MA

$325,600

$334,900

2.9%

Baton Rouge, LA

$168,500

$170,400

1.1%

Beaumont-Port Arthur, TX

$138,600

$120,700

-12.9%

Binghamton, NY

$117,700

$110,800

-5.9%

Birmingham-Hoover, AL

$152,300

$146,500

-3.8%

Bismarck, ND

$157,800

$163,100

3.4%

Bloomington-Normal, IL

$153,000

$160,800

5.1%

Boise City-Nampa, ID

$160,400

$140,100

-12.7%

Boston-Cambridge-Quincy, MA-NH

$336,100

$360,200

7.2%

Boulder, CO

$340,200

$352,400

3.6%

Bridgeport-Stamford-Norwalk, CT

$380,200

$419,400

10.3%

Buffalo-Niagara Falls, NY

$115,400

$121,400

5.2%

Canton-Massillon, OH

$101,500

$111,500

9.9%

Cape Coral-Fort Myers, FL

$84,000

$94,100

12.0%

Cedar Rapids, IA

$141,700

$145,300

2.5%

Champaign-Urbana, IL

$141,000

$142,500

1.1%

Charleston-North Charleston, SC

$198,200

$197,500

-0.4%

Charleston, WV

$131,200

$132,000

0.6%

Charlotte-Gastonia-Concord, NC-SC

$199,700

$199,100

-0.3%

Chattanooga, TN-GA

$125,700

$125,700

Unch

Chicago-Naperville-Joliet, IL

$204,300

$203,800

-0.2%

Cincinnati-Middletown, OH-KY-IN

$129,600

$131,100

1.2%

Cleveland-Elyria-Mentor, OH

$106,000

$118,200

11.5%

Colordo Springs, CO

$189,000

$196,800

4.1%

Columbia, MO

$144,300

$147,300

2.1%

Columbia, SC

$137,900

$142,100

3.0%

Columbus, OH

$136,600

$149,700

9.6%

Corpus Christi, TX

$133,400

$135,500

1.6%

Cumberland, MD-WV

$123,500

$104,500

-15.4%

Dallas-Fort Worth-Arlington, TX

$131,900

$134,700

2.1%

Danville, IL

N/A

N/A

N/A

Davenport-Moline-Rock Island, IA-IL

$113,200

$113,500

0.3%

Dayton, OH

$106,500

$112,400

5.5%

Decatur, IL

$91,300

$96,000

5.1%

Deltona-Daytona Beach-Ormond Beach, FL

$127,200

$117,000

-8.0%

Denver-Aurora, CO

$223,700

$234,700

4.9%

Des Moines, IA

$150,100

$156,200

4.1%

Detroit-Warren-Livonia, MI

N/A

N/A

N/A

Dover, DE

$193,700

$196,300

1.3%

Durham, NC

$185,500

$186,400

0.5%

Elmira, NY

$85,000

$99,200

16.7%

El Paso, TX

$131,800

$133,800

1.5%

Erie, PA

$98,100

$110,200

12.3%

Eugene-Springfield, OR

$202,400

$201,600

-0.4%

Fargo, ND-MN

$141,200

$141,600

0.3%

Farmington, NM

$188,600

$174,800

-7.3%

Florence, SC

$115,500

$122,500

6.1%

Ft, Wayne, IN

$94,600

$103,300

9.2%

Gainesville, FL

$178,200

$172,900

-3.0%

Gary-Hammond, IN

$115,100

$127,000

10.3%

Glens Falls, NY

$152,400

$148,300

-2.7%

Grand Rapids, MI

$86,500

$93,000

7.5%

Green Bay, WI

$141,300

$133,800

-5.3%

Greensboro-High Point, NC

$141,800

$134,200

-5.4%

Greenville, SC

$140,000

$149,600

6.9%

Gulfport-Biloxi, MS

$138,700

$128,500

-7.4%

Hagerstown-Martinsburg, MD-WV

$164,900

$149,800

-9.2%

Hartford-West Hartford-East Hartford, CT

$234,100

$236,000

0.8%

Honolulu, HI

$569,500

$621,600

9.1%

Houston-Baytown-Sugar Land, TX

$157,400

$155,900

-1.0%

Indianapolis, IN

$122,500

$129,900

6.0%

Jackson, MS

$140,100

$137,900

-1.6%

Jacksonville, FL

$152,700

$139,000

-9.0%

Kalamazoo-Portage, MI

N/A

N/A

N/A

Kankakee-Bradley, IL

$132,200

$126,500

-4.3%

Kansas City, MO-KS

$144,100

$150,600

4.5%

Kennewick-Richland-Pasco, WA

$163,900

$173,100

5.6%

Kingston, NY

$207,000

$208,200

0.6%

Knoxville, TN

$144,700

$143,500

-0.8%

Lansing-E,Lansing, MI

$81,200

$92,100

13.4%

Las Vegas-Paradise, NV

$141,800

$142,300

0.4%

Lexington-Fayette,KY

$142,700

$144,200

1.1%

Lincoln, NE

$133,100

$134,200

0.8%

Little Rock-N, Little Rock, AR

$134,600

$132,800

-1.3%

Los Angeles-Long Beach-Santa Ana, CA

$311,100

$339,900

9.3%

Louisville, KY-IN

$132,700

$136,400

2.8%

Madison, WI

$214,200

$213,200

-0.5%

Manchester-Nashua, NH

$222,600

$241,000

8.3%

Memphis, TN-MS-AR

$121,100

$127,200

5.0%

Miami-Fort Lauderdale-Miami Beach, FL

$207,400

$214,200

3.3%

Milwaukee-Waukesha-West Allis, WI

$191,500

$200,200

4.5%

Minneapolis-St, Paul-Bloomington, MN-WI

$184,500

$176,200

-4.5%

Mobile, AL

$128,800

$129,500

0.5%

Montgomery, AL

$134,200

$129,200

-3.7%

Nashville-Davidson–Murfreesboro, TN

N/A

N/A

N/A

New Haven-Milford, CT

$236,200

$237,800

0.7%

New Orleans-Metairie-Kenner, LA

$165,800

$161,900

-2.4%

New York-Northern New Jersey-Long Island, NY-NJ-PA

$379,800

$393,900

3.7%

New York-Wayne-White Plains, NY-NJ

$425,200

$443,800

4.4%

NY: Edison, NJ

$331,700

$345,800

4.3%

NY: Nassau-Suffolk, NY

$386,800

$395,100

2.1%

NY: Newark-Union, NJ-PA

$379,400

$386,500

1.9%

Norwich-New London, CT

$216,200

$224,000

3.6%

Ocala, FL

$110,200

$95,900

-13.0%

Oklahoma City, OK

$139,400

$149,900

7.5%

Omaha, NE-IA

$134,900

$138,800

2.9%

Orlando, FL

$149,200

$140,200

-6.0%

Palm Bay-Melbourne-Titusville, FL

$104,100

$117,300

12.7%

Pensacola-Ferry Pass-Brent, FL

$147,800

$143,100

-3.2%

Peoria, IL

$126,100

$123,300

-2.2%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

$211,000

$223,200

5.8%

Phoenix-Mesa-Scottsdale, AZ

$131,100

$144,700

10.4%

Pittsburgh, PA

$124,200

$126,600

1.9%

Pittsfield, MA

$189,000

$192,300

1.7%

Portland-South Portland-Biddeford, ME

$209,400

$217,400

3.8%

Portland-Vancouver-Beaverton, OR-WA

$246,200

$238,500

-3.1%

Providence-New Bedford-Fall River, RI-MA

$215,700

$224,700

4.2%

Raleigh-Cary, NC

$211,300

$223,700

5.9%

Reading, PA

$151,900

$155,600

2.4%

Reno-Sparks, NV

$192,100

$180,300

-6.1%

Richmond, VA

$206,900

$199,600

-3.5%

Riverside-San Bernardino-Ontario, CA

$161,500

$190,200

17.8%

Rochester, NY

$119,100

$121,400

1.9%

Rockford, IL

$113,400

$109,000

-3.9%

Sacramento–Arden-Arcade–Roseville, CA

$177,500

$192,200

8.3%

Saginaw-Saginaw Township North, MI

$55,700

$59,700

7.2%

Saint Louis, MO-IL

$133,600

$143,100

7.1%

Salem, OR

$191,200

$176,800

-7.5%

Salt Lake City, UT

$216,500

$207,300

-4.2%

San Antonio, TX

$153,100

$148,200

-3.2%

San Diego-Carlsbad-San Marcos, CA

$347,100

$392,600

13.1%

San Francisco-Oakland-Fremont, CA

$472,900

$591,200

25.0%

San Jose-Sunnyvale-Santa Clara, CA

$500,000

$630,000

26.0%

Sarasota-Bradenton-Venice, FL

$175,800

$184,600

5.0%

Seattle-Tacoma-Bellevue, WA

$328,400

$307,300

-6.4%

Shreveport-Bossier City, LA

$146,000

$155,900

6.8%

Sioux Falls, SD

$146,000

$141,400

-3.2%

South Bend-Mishawaka, IN

$88,100

$95,900

8.9%

Spartanburg, SC

$122,700

$121,300

-1.1%

Spokane, WA

$177,800

$171,400

-3.6%

Springfield, IL

$116,200

$123,600

6.4%

Springfield, MA

$189,500

$189,200

-0.2%

Springfield, MO

$119,200

$112,400

-5.7%

Syracuse, NY

$124,600

$125,300

0.6%

Tallahassee, FL

$149,800

$142,300

-5.0%

Tampa-St,Petersburg-Clearwater, FL

$140,900

$141,400

0.4%

Toledo, OH

$87,100

$90,900

4.4%

Topeka, KS

$113,300

$109,600

-3.3%

Trenton-Ewing, NJ

$254,300

$259,300

2.0%

Tucson, AZ

$174,100

$150,200

-13.7%

Tulsa, OK

$133,200

$133,200

Unch

Virginia Beach-Norfolk-Newport News, VA-NC

$216,000

$210,000

-2.8%

Washington-Arlington-Alexandria, DC-VA-MD-WV

$319,200

$331,600

3.9%

Waterloo/Cedar Falls, IA

$106,700

$115,300

8.1%

Wichita, KS

$125,300

$122,500

-2.2%

Worcester, MA

$220,300

$235,000

6.7%

Yakima, WA

$162,800

$154,500

-5.1%

Youngstown-Warren-Boardman, OH-PA

$71,500

$75,100

5.0%

Source: National Association of Realtors

 

 

 

Copyright 2010 The Associated Press. All rights reserved

This entry was posted on Wednesday, August 11th, 2010 at 1:56 pm and is filed under Real Estate Related. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.



Comments are closed.