Hot Markets Get Hotter
The median price of a single-family American home hit $188,800 at the end of the first quarter, a rise of 9.7 percent compared with a year ago.
The NAR, the nation's biggest real estate agent group, pointed to tight inventories as a major factor in the continued strong growth.
"We simply don't have enough homes on the market to meet demand," said David Lereah, the NAR's chief economist, in a statement. "We think the supply situation may improve next year when interest rates are expected to be higher – that should result in a lessening of demand and cooler price appreciation."
FLORIDA HEAT
Three Florida metropolitan areas led the charge; home prices in Bradenton jumped 45.6 percent from a year earlier to $275,100. Sarasota was up 36 percent to $326,300 and the West Palm-Boca Raton area rose 35.9 percent to $362,800.
Beaumont, Tex. led the list of six declining metro areas with a loss of 6.5 percent to $90,000. Other losers included Canton, Ohio (down 4.5 percent to $103,400), Syracuse, N.Y. (down 2.6 percent to $92,600), and Waterloo-Cedar Falls Iowa (down 2.6 percent to $86,500).
Prices ranged from a low of $82,400 in the Youngstown-Warren area in Ohio, to more than eight times that in the San Francisco Bay area where the median price was $689,200. Anaheim-Santa Ana (Orange County, Calif.) was the second most expensive metro area at $656,900 and San Diego was third at $584,100.
Regionally, the West showed the fastest growth at 16.9 percent. In the Northeast, prices rose 14.0 percent. The Midwest had increases of 7.8 percent and the South had a 6.6 percent price rise.
The median house price was highest in the West, at $282,900, and lowest in the Midwest at $148,800.
THE TOP 10
Home price appreciation from the first quarter 2004 through the first quarter 2005.
Bradenton, FL 45.6%
Sarasota, FL 36%
W. Palm Beach/Boca Raton/Delray Beach, FL 35.9%
Riverside/San Bernardino, CA 32.6%
Ft. Lauderdale/Hollywood/Pompano Beach, FL 31.8%
Las Vegas, NV 29.4%
Melbourne/Titusville/Palm Bay, FL 29.3%
Orlando, FL 28.7%
Miami/Hialeah, FL 28.4%
Ocala, FL 27%
The NAR, the nation's biggest real estate agent group, pointed to tight inventories as a major factor in the continued strong growth.
"We simply don't have enough homes on the market to meet demand," said David Lereah, the NAR's chief economist, in a statement. "We think the supply situation may improve next year when interest rates are expected to be higher – that should result in a lessening of demand and cooler price appreciation."
FLORIDA HEAT
Three Florida metropolitan areas led the charge; home prices in Bradenton jumped 45.6 percent from a year earlier to $275,100. Sarasota was up 36 percent to $326,300 and the West Palm-Boca Raton area rose 35.9 percent to $362,800.
Beaumont, Tex. led the list of six declining metro areas with a loss of 6.5 percent to $90,000. Other losers included Canton, Ohio (down 4.5 percent to $103,400), Syracuse, N.Y. (down 2.6 percent to $92,600), and Waterloo-Cedar Falls Iowa (down 2.6 percent to $86,500).
Prices ranged from a low of $82,400 in the Youngstown-Warren area in Ohio, to more than eight times that in the San Francisco Bay area where the median price was $689,200. Anaheim-Santa Ana (Orange County, Calif.) was the second most expensive metro area at $656,900 and San Diego was third at $584,100.
Regionally, the West showed the fastest growth at 16.9 percent. In the Northeast, prices rose 14.0 percent. The Midwest had increases of 7.8 percent and the South had a 6.6 percent price rise.
The median house price was highest in the West, at $282,900, and lowest in the Midwest at $148,800.
THE TOP 10
Home price appreciation from the first quarter 2004 through the first quarter 2005.
Bradenton, FL 45.6%
Sarasota, FL 36%
W. Palm Beach/Boca Raton/Delray Beach, FL 35.9%
Riverside/San Bernardino, CA 32.6%
Ft. Lauderdale/Hollywood/Pompano Beach, FL 31.8%
Las Vegas, NV 29.4%
Melbourne/Titusville/Palm Bay, FL 29.3%
Orlando, FL 28.7%
Miami/Hialeah, FL 28.4%
Ocala, FL 27%
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