Saturday
November 22, 2014

Recovery Broadens as More Markets See Price Increases

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Recovery Broadens as More Markets See Price Increases

Home prices were on the rise again last month, but in a stark contrast to last year, price increases were more generalized and less concentrated to just a few metro pockets, according to realtor.com’s May 2014 National Housing Trend Report.

In May, the median list price of homes was $214,900 nationwide, an 8 percent increase year-over-year. All but eight of the 146 markets that realtor.com tracks reported year-over-year price increases in May. “This broad increase in price suggests a more evenly distributed recovery and a healthier national housing market,” reads a realtor.com statement on the findings.

Home inventories in May were down 5.8 percent compared to year ago levels. A limited number of homes for-sale across the country is credited with lifting home prices.

“Home prices are as high as they are because of low inventory spread across the nation,” says Steve Berkowitz, CEO of Move Inc., which operates realtor.com. “But we are not seeing the runaway pricing of last year. Nor is the situation exclusive to the hotbed markets of recent years.”

The following 10 metro areas saw the greatest increases in median list prices year-over-year, according to realtor.com’s May report:

Also in today's news: Booming Market Limits Affordability in Texas

  1. Stockton-Lodi, Calif.
    • Median list price: $285,000
    • Year-over-year increase: 42.7%
  2. Las Vegas
    • Median list price: $186,085
    • Year-over-year increase: 24.1%
  3. Houston
    • Median list price: $245,000
    • Year-over-year increase: 23.1%
  4. Reno, Nev.
    • Median list price: $289,900
    • Year-over-year increase: 22.9%
  5. Denver, Colo.
    • Median list price: $349,900
    • Year-over-year increase: 20.7%
  6. Riverside-San Bernardino, Calif.
    • Median list price: $309,900
    • Year-over-year increase: 19.7%
  7. West-AZ-RSA
    • Median list price: $328,950
    • Year-over-year increase: 19.6%
  8. Sacramento, Calif.
    • Median list price: $340,000
    • Year-over-year increase: 19.3%
  9. Boulder-Longmont, Colo.
    • Median list price: $465,000
    • Year-over-year increase: 19.3%
  10. San Diego
    • Median list price: $500,250
    • Year-over-year increase: 17.7%

View the full list of housing data at realtor.com.

Source: realtor.com