Report: Growth in Home Prices Slowing
While still improving, the pace at which median home prices rose in the 24 metropolitan areas measured in ZipRealty's monthly survey for the month ended Sept. 15 slowed compared to last year. There was an average gain of 14% in September, which is down from August's 16% YOY jump in home prices, ZipRealty said today in its latest report.
ZipRealty president and CEO Lanny Baker commented in a statement, "Median sale prices were higher than a year ago in all cities studied, but the year-to-year median price increases shrank in 19 out of 24 markets." ZipRealty is a national real estate brokerage and related marketing technology provider.
The median sales price nationally in mid-September was $272,000, according to the survey, down about 2% from August's figure. The median number of days homes stayed on the market showed a slight increase, rising to 30 days from the previous month's 28-day average, ZipRealty said.
Sacramento, Las Vegas, and Los Angeles claimed the three highest median home price increases of the 24 markets surveyed during the period, rising 33%, 31%, and 26%, respectively. Of the remaining seven of the top 10 most improved regions, four are on the West Coast with three in California, led by San Francisco's 25% gain. Portland, Ore., was ninth on ZipRealty's list with a 15% improvement. Phoenix, Orlando, and Chicago placed fifth, sixth, and 10th.
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