The Wall Street Journal

14 May 2013

Home prices in metropolitan areas saw their biggest year-over-year gains in more than seven years in the first quarter, evidence that the housing recovery is spreading across the nation.

The National Association of Realtors said Thursday that the national median closing price for an existing single-family house was $176,600 in the first quarter, up 11.3% from the first quarter of 2012. That was the largest year-over-year gain since the end of 2005. Of the 150 metro areas tracked by the NAR, sale prices rose in 133 and declined in 17.

“The supply/demand balance is clearly tilted toward sellers in a good portion of the country,” said NAR chief economist Lawrence Yun.

The biggest gain was in Akron, Ohio, where the median sale price rose 32.7% to $108,300. Following Akron, prices were up 32.6% in the San Francisco-Oakland-Fremont area; 32.1% in Reno-Sparks, Nev.; 31.7% in the Silicon Valley area surrounding San Jose; 31.1% in Atlanta; and 30.1% in Phoenix.

Prices are still falling in Kankakee-Bradley, Ill., where they were down 18.8%. Prices declined 8.6% in Edison, N.J.; 8.3% in Allentown-Bethlehem-Easton, Pa.; 5.5% in Champaign-Urbana, Ill.; and 5.0% in Erie, Pa.

The NAR’s quarterly report is a good measure of general price trends, but the results can sometimes overstate the magnitude of price gains because they don’t control for shifts in the number of homes sold in various price categories. As a result, the median price can rise sharply if sales of higher-end homes increase faster than sales of lower-priced homes.

A companion study showed that despite the rise in prices, homes remain relatively affordable and low mortgage interest rates have given home buyers “ample buying power” in the current market, NAR said.

 

Median home prices posted annual gains in 133 of 150 metro areas in the first quarter of 2013. Home prices are in thousands of dollars.  

Metropolitan Area
State
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Percent Change Year-to-Year
Loading…
U.S.
 
158.6
181.3
184.3
178.9
176.6
11.3%
Abilene
TX
116.5
121.0
135.7
123.3
120.5
3.4%
Akron
OH
81.6
116.7
118.8
112.4
108.3
32.7%
Albany-Schenectady-Troy
NY
189.2
197.5
209.8
202.1
194.2
2.6%
Albuquerque
NM
162.9
174.3
172.9
168.7
168.9
3.7%
Allentown-Bethlehem-Easton
PA-NJ
177.4
191.7
194.0
183.7
162.7
-8.3%
Amarillo
TX
126.6
137.2
140.0
129.4
123.2
-2.7%
Anaheim-Santa Ana-Irvine
CA
484.9
542.0
560.3
568.6
600.2
23.8%
Appleton
WI
108.3
116.6
130.4
112.4
116.8
7.8%
Atlanta-Sandy Springs-Marietta
GA
87.8
103.2
107.4
106.9
115.1
31.1%
Atlantic City
NJ
220.6
218.7
214.0
228.0
210.1
-4.8%
Austin-Round Rock
TX
193.4
214.5
207.5
203.0
210.2
8.7%
Baltimore-Towson
MD
218.1
255.0
254.2
240.7
226.5
3.9%
Barnstable Town
MA
291.7
333.6
311.9
327.4
307.9
5.6%
Baton Rouge
LA
157.9
168.4
168.0
161.1
160.4
1.6%
Beaumont-Port Arthur
TX
122.6
127.4
126.6
132.6
127.1
3.7%
Binghamton
NY
109.2
114.0
112.6
103.5
109.1
-0.1%
Birmingham-Hoover
AL
134.7
154.1
157.5
154.5
145.1
7.7%
Bismarck
ND
179.3
194.0
195.1
194.8
210.0
17.1%
Boise City-Nampa
ID
125.2
138.2
146.0
145.0
145.6
16.3%
Boston-Cambridge-Quincy
MA-NH
311.5
362.1
365.8
344.0
332.2
6.6%
Bridgeport-Stamford-Norwalk
CT
334.0
374.9
274.9
367.9
360.1
7.8%
Buffalo-Niagara Falls
NY
111.3
131.6
136.2
128.2
120.3
8.1%
Burlington-South Burlington
VT
246.2
266.4
288.1
268.5
278.4
13.1%
Cape Coral-Fort Myers
FL
117.6
130.7
127.0
135.9
146.1
24.2%
Cedar Rapids
IA
135.9
149.8
146.6
144.8
144.2
6.1%
Champaign-Urbana
IL
141.0
154.7
149.4
145.9
133.3
-5.5%
Charleston-North Charleston
SC
193.6
212.3
211.7
208.0
203.3
5.0%
Charleston
WV
131.5
126.7
138.9
131.7
134.9
2.6%
Charlotte-Gastonia-Concord
NC-SC
139.5
164.6
165.4
153.0
155.4
11.4%
Chattanooga
TN-GA
119.2
128.7
132.0
135.7
119.9
0.6%
Chicago-Naperville-Joliet
IL
157.2
187.7
184.4
167.4
159.4
1.4%
Cincinnati-Middletown
OH-KY-IN
112.5
135.4
134.2
125.4
121.0
7.6%
Cleveland-Elyria-Mentor
OH
84.9
103.9
119.8
112.9
101.0
19.0%
Colorado Springs
CO
180.3
205.4
206.1
208.2
203.9
13.1%
Columbia
MO
144.9
159.6
152.2
150.9
150.8
4.1%
Columbia
SC
137.7
143.4
145.4
137.8
138.2
0.4%
Columbus
OH
117.5
142.1
146.0
131.9
124.9
6.3%
Corpus Christi
TX
131.3
146.9
146.6
144.9
139.5
6.2%
Cumberland
MD-WV
84.9
102.7
105.2
91.5
100.0
17.8%
Dallas-Fort Worth-Arlington
TX
148.2
163.0
165.2
157.2
160.4
8.2%
Davenport-Moline-Rock Island
IA-IL
99.7
117.8
121.5
113.1
103.2
3.5%
Dayton
OH
86.6
107.7
111.5
104.3
93.5
8.0%
Decatur
AL
94.2
121.9
118.3
112.2
115.5
22.6%
Deltona-Daytona Beach-Ormond Beach
FL
98.4
113.1
111.1
113.6
109.5
11.3%
Denver-Aurora
CO
226.4
260.7
260.3
254.8
261.2
15.4%
Des Moines
IA
137.3
162.6
165.5
159.9
156.2
13.8%
Dover
DE
160.7
171.5
179.7
185.9
170.2
5.9%
Durham
NC
166.9
198.5
190.4
174.6
181.1
8.5%
Elmira
NY
98.9
105.7
107.7
112.6
99.2
0.3%
El Paso
TX
132.0
135.0
142.1
144.1
138.6
5.0%
Erie
PA
110.2
119.6
116.9
104.6
104.7
-5.0%
Fargo
ND-MN
143.9
148.6
157.6
158.4
157.1
9.2%
Farmington
NM
172.1
180.9
170.3
173.1
165.2
-4.0%
Fayetteville
NC
140.4
152.6
161.3
152.4
141.9
1.1%
Florence
SC
115.7
136.1
128.2
127.0
122.5
5.9%
Gainesville
FL
138.3
147.1
147.3
147.4
157.7
14.0%
Gary-Hammond
IN
107.3
131.9
132.8
124.6
111.9
4.3%
Glens Falls
NY
134.9
164.2
164.6
173.5
147.7
9.5%
Grand Rapids
MI
96.5
112.6
120.7
113.8
115.0
19.2%
Green Bay
WI
134.5
129.8
137.6
137.4
132.2
-1.7%
Greensboro-High Point
NC
112.9
130.9
125.9
128.2
122.2
8.2%
Greenville
SC
142.7
152.3
156.1
153.6
149.1
4.5%
Gulfport-Biloxi
MS
93.5
100.6
108.2
100.4
92.5
-1.1%
Hagerstown-Martinsburg
MD-WV
123.6
134.8
140.1
135.4
135.9
10.0%
Hartford-West Hartford-East Hartford
CT
202.0
226.3
236.0
217.6
202.1
0.0%
Honolulu
HI
616.7
629.7
627.2
637.9
625.8
1.5%
Houston-Baytown-Sugar Land
TX
152.1
168.3
167.5
167.8
163.7
7.6%
Huntsville
AL
161.5
174.4
175.9
179.2
165.0
2.2%
Indianapolis
IN
115.4
135.1
134.0
127.3
122.0
5.7%
Jackson
MS
133.6
146.5
152.6
138.2
143.9
7.7%
Jacksonville
FL
113.8
133.0
131.9
130.5
128.8
13.2%
Kankakee-Bradley
IL
113.8
119.7
127.9
108.4
92.4
-18.8%
Kansas City
MO-KS
124.4
148.4
148.5
141.6
133.1
7.0%
Kennewick-Richland-Pasco
WA
177.7
181.4
184.7
189.2
181.7
2.3%
Kingston
NY
156.8
198.6
199.2
186.6
197.3
25.8%
Knoxville
TN
133.5
144.4
143.2
142.1
132.8
-0.5%
Lansing-E.Lansing
MI
65.5
92.5
95.7
90.1
81.5
24.4%
Las Vegas-Paradise
NV
122.1
130.7
137.9
146.3
155.1
27.0%
Lexington-Fayette
KY
132.5
146.6
145.8
145.4
137.9
4.1%
Lincoln
NE
131.0
139.5
142.1
146.4
137.2
4.7%
Little Rock-N. Little Rock
AR
129.3
137.8
144.1
139.9
131.9
2.0%
Los Angeles-Long Beach-Santa Ana
CA
281.4
296.8
355.7
350.1
345.5
22.8%
Louisville
KY-IN
129.2
139.6
141.1
136.2
124.1
-3.9%
Madison
WI
199.2
216.6
210.6
207.3
198.0
-0.6%
Manchester-Nashua
NH
204.0
212.7
215.5
215.4
210.2
3.0%
Memphis
TN-MS-AR
102.1
123.5
124.6
115.0
109.5
7.2%
Miami-Fort Lauderdale-Miami Beach
FL
182.0
206.7
207.9
213.0
219.9
20.8%
Milwaukee-Waukesha-West Allis
WI
170.6
189.7
199.3
183.1
181.4
6.3%
Minneapolis-St. Paul-Bloomington
MN-WI
147.3
174.5
181.5
175.3
170.6
15.8%
Mobile
AL
91.2
107.8
109.7
111.0
96.1
5.4%
Montgomery
AL
115.8
132.5
129.9
131.6
122.8
6.0%
Nashville-Davidson–Murfreesboro
TN
148.8
161.6
163.7
164.9
154.0
3.5%
New Haven-Milford
CT
193.1
223.5
227.2
221.2
203.4
5.3%
New Orleans-Metairie-Kenner
LA
147.5
165.1
157.0
153.4
156.5
6.1%
New York-Northern New Jersey-Long Island
NY-NJ-PA
363.8
382.5
392.0
375.9
368.2
1.2%
New York-Wayne-White Plains
NY-NJ
411.7
449.9
467.8
441.6
432.8
5.1%
NY: Edison
NJ
292.4
297.5
317.6
290.7
267.3
-8.6%
NY: Nassau-Suffolk
NY
374.0
385.0
387.5
383.5
385.4
3.0%
NY: Newark-Union
NJ-PA
326.0
385.7
389.4
361.1
334.4
2.6%
Norwich-New London
CT
168.2
186.6
199.1
182.1
173.5
3.2%
Oklahoma City
OK
140.5
139.1
147.6
146.9
151.6
7.9%
Omaha
NE-IA
129.5
143.0
146.1
136.6
135.4
4.6%
Orlando
FL
124.6
136.1
135.4
138.4
145.1
16.5%
Palm Bay-Melbourne-Titusville
FL
104.6
121.4
119.4
118.3
110.6
5.7%
Pensacola-Ferry Pass-Brent
FL
127.8
142.9
140.9
132.5
141.2
10.5%
Philadelphia-Camden-Wilmington
PA-NJ-DE-MD
193.5
219.7
223.8
209.8
197.7
2.2%
Phoenix-Mesa-Scottsdale
AZ
129.9
148.4
153.4
159.1
169.0
30.1%
Pittsfield
MA
164.2
182.2
194.9
192.4
175.9
7.1%
Portland-South Portland-Biddeford
ME
197.9
226.0
224.2
218.9
207.0
4.6%
Portland-Vancouver-Beaverton
OR-WA
208.6
233.9
239.2
242.0
246.5
18.2%
Providence-New Bedford-Fall River
RI-MA
200.2
217.5
218.9
217.6
210.1
4.9%
Raleigh-Cary
NC
178.9
193.2
188.2
190.1
182.8
2.2%
Reading
PA
139.8
144.9
151.2
147.0
138.4
-1.0%
Reno-Sparks
NV
147.8
165.3
177.3
185.6
195.3
32.1%
Riverside-San Bernardino-Ontario
CA
174.3
183.0
193.9
209.3
216.7
24.3%
Rochester
NY
114.3
122.9
130.2
125.1
118.1
3.3%
Rockford
IL
79.5
96.3
97.0
82.5
80.6
1.4%
Sacramento–Arden-Arcade–Roseville
CA
163.9
171.0
180.4
193.2
209.3
27.7%
Saint Louis
MO-IL
103.7
134.6
132.5
117.3
111.0
7.0%
Salem
OR
137.2
142.5
163.4
147.3
146.6
6.9%
San Antonio
TX
149.9
162.8
161.9
160.6
156.7
4.5%
San Diego-Carlsbad-San Marcos
CA
359.5
372.0
394.4
405.4
412.3
14.7%
San Francisco-Oakland-Fremont
CA
448.0
552.6
568.0
593.2
593.9
32.6%
San Jose-Sunnyvale-Santa Clara
CA
535.5
655.2
672.0
685.0
705.0
31.7%
Sarasota-Bradenton-Venice
FL
163.4
173.4
171.7
178.3
189.9
16.2%
Seattle-Tacoma-Bellevue
WA
265.4
290.7
306.0
313.3
312.6
17.8%
Shreveport-Bossier City
LA
151.1
158.0
163.1
153.2
163.0
7.9%
Sioux Falls
SD
142.2
150.8
152.0
147.9
148.7
4.6%
South Bend-Mishawaka
IN
69.4
84.9
94.9
90.7
67.6
-2.6%
Spartanburg
SC
109.9
123.0
125.7
128.4
115.5
5.1%
Spokane
WA
158.0
168.1
175.2
171.3
166.2
5.2%
Springfield
IL
116.2
125.2
123.4
115.7
121.7
4.7%
Springfield
MA
163.7
178.5
192.1
178.0
170.2
4.0%
Springfield
MO
102.5
111.8
109.1
 
105.4
2.8%
Syracuse
NY
116.7
124.9
128.5
125.0
114.7
-1.7%
Tallahassee
FL
137.4
146.1
144.4
149.9
144.1
4.9%
Tampa-St. Petersburg-Clearwater
FL
131.9
144.3
138.0
137.2
141.8
7.5%
Toledo
OH
63.4
84.0
86.9
88.1
74.2
17.0%
Topeka
KS
94.7
113.2
110.8
100.4
98.9
4.4%
Trenton-Ewing
NJ
205.5
258.3
289.9
246.9
218.7
6.4%
Tucson
AZ
137.6
147.8
155.3
158.9
162.8
18.3%
Tulsa
OK
124.0
136.5
138.9
139.4
138.4
11.6%
Virginia Beach-Norfolk-Newport News
VA-NC
170.0
195.0
198.0
185.0
179.9
5.8%
Washington-Arlington-Alexandria
DC-VA-MD-WV
311.6
367.0
362.3
353.0
348.7
11.9%
Waterloo/Cedar Falls
IA
103.7
120.3
118.4
120.9
121.8
17.5%
Wichita
KS
99.9
118.8
123.6
118.1
108.4
8.5%
Winston-Salem
NC
109.0
128.4
129.1
121.6
117.4
7.7%
Worcester
MA
191.9
213.5
212.1
202.1
203.6
6.1%
Yakima
WA
146.0
167.9
156.7
166.7
152.7
4.6%
York-Hanover
PA
138.6
154.7
143.9
145.9
139.4
0.6%


Source: National Association of Realtors.
Notes: Q1 2013 data is preliminary. No Q4 2012 data available for Springfield, MO.