Most U.S. cities see home prices climb in fourth quarter

Feb. 12, 2014 at 10:38 AM
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WASHINGTON, Feb. 12 (UPI) -- The majority of U.S. cities posted gains in single-family home prices in the fourth quarter, the National Association of Realtors said.

Compared to the fourth quarter of 2012, the median price for an existing single-family home rose in 73 percent of monitored markets, the trade group said in a pricing study released Tuesday.

NAR said median home prices rose in 119 out of 164 metropolitan areas. Out of those with gains, 42 areas, 26 percent, had increases in double digits, NAR said.

Two of the 164 cities posted no change in prices, while 43 recorded lower median prices.

The highest median home price in the study was posted by San Jose, Calif., with a median home price of $775,000. That was followed by San Francisco ($682,400), Honolulu ($670,800), Anaheim-Santa Ana, Calif. ($666,300) and San Diego ($476,800).

The lowest median price found in the study was posted by Toledo, Ohio, where the median home price in the fourth quarter was $80,500.

Rockford, Ill., at $81,400; Cumberland, Md., at $89,500; Elmira, N.Y., at $99,500 and South Bend, Ind., at $101,100 were the next lowest on the list.

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