Tuesday, November 16, 2004

How are home values in your neighborhood?




Home values across the nation are still climbing but show some signs of cooling off slightly, according to the latest quarterly survey from the National Association of Realtors.

"Home prices are still rising faster than historic norms because we continue to have more buyers than sellers," says David Lereah, NAR's chief economist.

Although Lereah does not see any sign of a housing bubble, he says that the annual rate of home appreciation was slower during the third quarter of 2004 than in the second quarter.

House hunters in Las Vegas know firsthand that the bubble isn't popping in Vegas. Home prices in this part of the nation grew at a record-breaking pace. The Las Vegas region showed the highest rate of price increase ever measured in any metropolitan region by the association. The median existing-home price is now at $283,200 -- a 53.7 percent jump from the same quarter last year. The median is the midpoint price where half of the homes sold for more and half sold for less.

Following Vegas in rate of home value increases is Bradenton, Fla., where home prices jumped 40.7 percent to a median price of $248,000. Coming in third is the Riverside-San Bernardino,Calif., area, at $311,700, up 36.2 percent from a year ago.

Nationally, the median price in the third quarter this year moved up 7.7 percent to $188,500 from $175,000 in the same quarter last year, according to the association's third-quarter Metropolitan Area Home Price Report. Home values grew by double-digits in 45 of the 127 regions surveyed, with 11 regions posting slight declines. NAR projects the median existing-home price to rise 5.3 percent in 2005.

Homes in Las Vegas may be growing in price the quickest, but they aren't the costliest.

The most expensively-priced homes in the nation are in the San Francisco Bay area with a median price of $646,300, up 14 percent from the same quarter of 2003. Next are Anaheim-Santa Ana (Orange Co., Calif.), at $643,600, reflecting a 26 percent increase, and San Diego, where the median price is $578,300.

If you are looking for a bargain or a lower-priced home, check out the Buffalo-Niagara Falls, N.Y. region, where the median home price is $94,200. El Paso, Texas, is the second least-costly area at $95,100.

Want to see how home values fared in your area? This chart shows the median price in thousands of dollars. It compares home values from the second quarter of 2004 with the second quarter of 2003. Not all cities reported their information, so some major metropolitan areas are left out.

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Want to see how home values fared in your area? This chart shows the median price in thousands of dollars. It compares home values from the third quarter of 2004 with the third quarter of 2003. Not all cities reported their information, so some major metropolitan areas are left out.


Median home prices: Third quarter 2003 - 2004
2003
2004
%
Change
Birmingham
139.0
147.8
6.3
Mobile
126.0
130.5
3.6
Montgomery
120.2
120.6
0.3
2003
2004
%
Change
No data available


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2003
2004
%
Change
Phoenix
156.1
172.7
10.6
Tucson
159.7
179.9
12.6
2003
2004
%
Change
Little Rock - N. Little Rock
109.6
110.9
1.2
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2003
2004
%
Change
Orange County (Anaheim/Santa Ana MSA)
510.8
643.6
26.0
Los Angeles area
364.8
452.4
24.0
Riverside/San Bernardino
228.9
311.7
36.2
Sacramento
252.7
329.7
30.5
San Diego
436.5
578.3
32.5
San Francisco Bay area
567.0
646.3
14.0
2003
2004
%
Change
Colorado Springs
N/A
N/A
N/A
Denver
249.6
N/A
N/A
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2003
2004
%
Change
Hartford
212.9
235.4
10.6
New Haven/Meriden
229.4
260.5
13.6
2003
2004
%
Change
Wilmington
177.0
194.7
10.0
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2003
2004
%
Change
Washington, D.C.
296.2
362.4
22.3
2003
2004
%
Change
Bradenton
176.3
248.0
47.0
Daytona Beach
128.6
155.6
21.0
Fort Lauderdale/Hollywood/Pompano Beach
238.7
294.7
23.5
Fort Myers/Cape Coral
154.2
194.8
26.3
Gainesville
146.9
166.9
13.6
Jacksonville
141.1
157.6
11.7
Melbourne/Titusville/Palm Bay
135.3
165.8
22.5
Miami/Hialeah
237.3
290.9
22.6
Ocala
96.9
114.9
18.6
Orlando
154.0
180.5
17.2
Pensacola
121.6
133.8
10.0
Sarasota
N/A
270.4
N/A
Tallahassee
141.8
155.6
9.7
Tampa/St. Petersburg/Clearwater
150.2
167.0
11.2
West Palm Beach/Boca Raton/Delray Beach
249.3
321.5
29.0
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2003
2004
%
Change
Atlanta
157.5
159.7
1.4
2003
2004
%
Change
Honolulu
392.5
469.0
19.5
2003
2004
%
Change
Boise City
135.6
140.1
3.3
2003
2004
%
Change
Aurora/Elgin
214.8
230.4
7.3
Champaign/Urbana/Rantoul
120.8
131.2
8.6
Chicago
249.1
270.4
8.6
Lake County
277.1
289.7
4.5
Peoria
95.7
98.4
2.8
Rockford
118.6
125.2
5.6
Springfield
94.3
98.3
4.2
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2003
2004
%
Change
Fort Wayne
96.8
99.7
3.0
Gary/Hammond
124.0
125.6
1.3
Indianapolis
127.6
128.5
0.7
South Bend/Mishawaka
95.7
98.5
2.9
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2003
2004
%
Change
Cedar Rapids
125.1
129.8
3.8
Davenport/Moline/Rock Island
103.5
119.5
15.5
Des Moines
138.5
144.5
4.3
Waterloo/Cedar Falls
98.3
96.7
-1.6
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2003
2004
%
Change
Topeka
102.1
109.7
7.4
Wichita
105.7
106.7
0.9
2003
2004
%
Change
Lexington/Fayette
136.6
139.5
2.1
Louisville
134.4
132.5
-1.4
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2003
2004
%
Change
Baton Rouge
124.5
130.8
5.1
New Orleans
136.9
143.5
4.8
Shreveport
102.9
111.6
8.5
2003
2004
%
Change
Portland
214.0
237.4
10.9
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2003
2004
%
Change
Baltimore
220.5
250.5
13.6
2003
2004
%
Change
Boston
366.6
398.9
8.8
Springfield
156.4
170.1
8.8
Worcester
263.2
283.5
7.7
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2003
2004
%
Change
Detroit
N/A
N/A
N/A
Grand Rapids
131.6
133.8
1.7
Kalamazoo
130.7
126.8
-3.0
Lansing/East Lansing
135.5
139.2
2.7
Saginaw/Bay City/Midland
N/A
N/A
N/A
2003
2004
%
Change
Minneapolis/St. Paul
208.2
219.8
5.6
Fargo/Moorhead, N.D./Minn.
114.8
124.6
8.5
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2003
2004
%
Change
Biloxi/Gulfport
111.7
115.8
3.7
Jackson
115.2
121.1
5.1
2003
2004
%
Change
Kansas City
148.2
152.3
2.8
Saint Louis
130.7
136.0
4.1
Springfield
97.9
110.2
12.6
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2003
2004
%
Change
No data available


2003
2004
%
Change
Lincoln
135.9
139.6
2.7
Omaha
132.3
134.1
1.4
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2003
2004
%
Change
Las Vegas
184.3
283.2
53.7
Reno
N/A
299.2
N/A
2003
2004
%
Change
No data available


2003
2004
%
Change
Atlantic City
183.5
198.5
8.2
Bergen/Passaic
383.9
432.2
12.6
Middlesex/Somerset/Hunterdon
333.6
364.3
9.2
Monmouth/Ocean
299.4
343.5
14.7
Newark
355.4
393.6
10.7
Trenton
234.3
250.4
6.9
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2003
2004
%
Change
Albuquerque
142.2
144.5
1.6
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2003
2004
%
Change
Albany/Schenectady/Troy
147.1
174.0
18.3
Buffalo/Niagara Falls
90.6
94.2
4.0
Nassau/Suffolk
374.4
422.2
12.8
New York metro (incl. Northern N.J., Long Island and Conn.)
367.4
405.4
10.3
Rochester
106.1
114.9
8.3
Syracuse
104.7
102.7
-1.9
2003
2004
%
Change
Charlotte/Gastonia/Rock Hill, N.C./S.C.
161.6
N/A
N/A
Greensboro/Winston-Salem/High Point
139.6
143.1
2.5
Raleigh/Durham
180.9
184.8
2.2
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2003
2004
%
Change
Fargo/Moorhead, N.D./Minn.
114.8
124.6
8.5
2003
2004
%
Change
Akron
121.6
122.9
1.1
Canton
121.6
119.3
-1.9
Cincinnati
142.8
146.1
2.3
Cleveland
N/A
N/A
N/A
Columbus
151.0
151.1
0.1
Dayton/Springfield
119.4
118.5
-0.8
Toledo
117.6
114.1
-3.0
Youngstown/Warren
N/A
N/A
N/A
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2003
2004
%
Change
Oklahoma City
107.1
125.8
17.5
Tulsa
113.2
115.8
2.3
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2003
2004
%
Change
Eugene/Springfield
157.7
165.9
5.2
Portland
196.2
215.1
9.6
2003
2004
%
Change
Philadelphia
181.9
198.1
8.9
Pittsburgh
112.5
116.0
3.1
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2003
2004
%
Change
Providence
241.4
283.9
17.6
2003
2004
%
Change
Charleston
172.0
184.0
7.0
Columbia
129.1
N/A
N/A
Greensville/Spartanburg
133.0
132.7
-0.2
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2003
2004
%
Change
Sioux Falls
123.3
129.6
5.1
2003
2004
%
Change
Chattanooga
120.6
125.8
4.3
Knoxville
130.9
135.0
3.1
Memphis
137.8
140.0
1.6
Nashville
144.6
149.0
3.0
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2003
2004
%
Change
Amarillo
97.2
98.1
0.9
Austin/San Marcos
158.1
158.7
0.4
Beaumont/Port Arthur
93.4
95.3
2.0
Corpus Christi
108.4
116.9
7.8
Dallas
142.6
140.3
-1.6
El Paso
95.1
95.1
0.0
Fort Worth/Arlington
N/A
N/A
N/A
Houston
139.2
137.5
-1.2
San Antonio
121.8
126.5
3.9
2003
2004
%
Change
Salt Lake City/Ogden
N/A
161.3
N/A
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2003
2004
%
Change
No data available
N/A
N/A
N/A
2003
2004
%
Change
Norfolk/Virginia Beach/Newport News
143.1
182.2
27.3
Richmond/Petersburg
159.4
174.6
9.5
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2003
2004
%
Change
Richland/Kennewick/Pasco
148.6
150.8
1.5
Seattle
276.1
303.9
10.1
Spokane
121.8
132.4
8.7
Tacoma
182.5
204.6
12.1
2003
2004
%
Change
Charleston
109.8
119.7
9.0
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2003
2004
%
Change
Appleton/Oshkosh/Neenah
120.9
122.1
1.0
Green Bay
145.0
144.8
-0.1
Madison
194.1
213.9
10.2
Milwaukee
186.5
205.1
10.0
2003
2004
%
Change
No data available
N/A
N/A
N/A
Source: National Association of Realtors, Quarterly Housing Affordability Index

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