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September 19, 2014

Asking Prices Surging in These 10 Markets

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Asking Prices Surging in These 10 Markets

Median list prices are up 7.57 percent over the last year, according to a report from realtor.com, which reflects October data for 146 metro markets. 

“Monthly prices fell slightly in October (down 0.25 percent month-over-month), but remained resilient against the usual seasonal patterns of stabilizing inventory,” realtor.com noted in its report. 

Detroit has seen the largest year-over-year increase, with median asking prices rising 44 percent in the past year. Eighty-five percent of the 146 markets that realtor.com tracks reported year-over-year increases. The following metros recorded the highest list price increases in the past year (October 2012 compared to October 2013): 

  1. Detroit: +44.33%
    • Median list price: $129,900
  2. Stockton-Lodi, Calif.: +40.80%
    • Median list price: $245,000
  3. Santa Barbara-Santa Maria-Lompoc, Calif.: +33.39%
    • Median list price: $799,000
  4. Reno, Nev.: +29.29%
    • Median list price: $258,577
  5. Melbourne-Titusville-Palm Bay, Fla.: +27.78%
    • Median list price: $165,990
  6. Fresno, Calif.: +24.34%
    • Median list price: $229,900
  7. Las Vegas, Nev.-Ariz.: +24.33%
    • Median list price: $164,999
  8. Oakland, Calif.: +24.27%
    • Median list price: $475,000
  9. Phoenix-Mesa, Ariz.: +22%
    • Median list price: $237,900
  10. San Diego: +21.92%
    • Median list price: $449,900

Only 19 markets posted price declines, led by Akron, Ohio, which posted a 7.93 percent year-over-year loss, and South Bend, Ind., with a 7.79 percent decrease in median asking prices.

—REALTOR® Magazine Daily News

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