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2012-10-23 15:25:42
Median Single Family Home Prices Increase 7.5%

 

When it comes to the biggest home price increases, Salt Lake City-Ogden ranks No. 23 out of 146 major U.S. cities, according to a new report by Realtor.com. The median single-family home price in the Salt Lake-Ogden region in September increased to $214,900, a 7.5 percent rise compared to last year. September marks the sixth consecutive month of year-over-year price increases. The last time the Wasatch Front witnessed sustained home price gains was in 2007, prior to the start of the recession.

 

Driving the Wasatch Front’s rising home prices is low inventory. Homes listed for sale on the MLS are at a 15-year low, according to UtahRealEsate.com. In addition, Utah’s jobless rate is at 5.4 percent and new jobs have sparked greater confidence in the local economy.

 

Nationally, home prices over the past year increased 0.78 percent to a median value of $191,500. Santa Barbara, Calif., ranked No. 1 in the biggest percent home-price increases. The median single-family home price in Santa Barbara increased 32 percent over the past year to $725,000. Rounding out the top five cities were Phoenix-Mesa (up 26.7 percent); San Francisco (up 18.1 percent); San Jose (up 17.5 percent); and Seattle-Bellevue (up 15 percent).

 

Roughly 40 percent of cities in the report (60 cities) experienced no change in home prices or falling prices. Charleston, W.Va., showed the biggest house-price decline at a median price of $148,950, an 11 percent drop over the past year.

 
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