Noelle Knox, USA TODAY
USA Today
WASHINGTON — Home prices in 72 metropolitan areas showed double-digit increases in the fourth quarter last year, a record that was probably the peak in this real estate cycle, the National Association of Realtors said Wednesday.
The number of metro areas with double-digit price increases surpassed a previous record of 69 areas with double-digit price gains in 2003’s third quarter.
The hottest area at the end of last year was the Phoenix-Mesa-Scottsdale region of Arizona, where the median home price soared 49% to $286,400.
As a state, Florida held five of the top 10 markets with the fastest price appreciation, led by the Cape Coral-Fort Myers area with a 48% jump in the median home price.
The most expensive housing market was the San Jose-Sunnyvale-Santa Clara area of California, where the median price was an eye-popping $747,000. And the best buys were in Danville, Ill., where the median single-family home fetched $63,800.
“I don’t want to say this is the last hoorah, but it certainly reflects the peak of the boom in terms of price appreciation,” said David Lereah, the NAR’s chief economist. “It wasn’t the highest quarter for price appreciation, at 13% (nationwide), but it covered a big part of the country – 72 metros is enormous.”
But he cautioned that the market is cooling fast.
Sales of existing home are falling faster than he expected. Home-price appreciation could drop to single digits this quarter, and will only be 5% for the year, down from 13% in 2005, he predicts.
In the last three months of 2005, Arkansas saw the greatest percentage increase in the number of home sales, up almost 30% from the fourth quarter 2004, followed by Alaska and by Louisiana, where residents are still trying to recover from Hurricane Katrina.
The softest market for home prices, compared with the fourth quarter 2004, was South Bend, Ind., where the median price fell more than 5% to $89,900. The six areas where the median price fell are suffering from job losses and bad business conditions that are weighing on the housing market.
“I’m still a firm believer we’re seeing a slowdown rather than a burst,” said Nicholas Buss, senior vice president of real estate finance for PNC Bank.
The national median home price for an existing single-family house was $213,000 in the fourth quarter, up 13.6% from a year earlier, when the median price was $187,500. In the third quarter 2005, the annual rate of home-price appreciation was 14.7%.
Fourth-quarter 2005 home prices
|
Change in median price of an existing, single-family home from fourth-quarter 2004 |
|
|
Metro area |
Change |
|
Phoenix-Mesa-Scottsdale, AZ |
48.9% |
|
Cape Coral-Fort Myers, FL |
48.0% |
|
Orlando, FL |
42.0% |
|
Ocala, FL |
41.2% |
|
Tampa-St.Petersburg-Clearwater, FL |
32.3% |
|
Tucson, AZ |
32.3% |
|
Virginia Beach-Norfolk-Newport News, VA-NC |
31.5% |
|
Sarasota-Bradenton-Venice, FL |
30.0% |
|
New Orleans-Metairie-Kenner, LA |
29.2% |
|
Deltona-Daytona Beach-Ormond Beach, FL |
28.5% |
|
Salem, OR |
28.3% |
|
Honolulu, HI |
26.5% |
|
Hagerstown-Martinsburg, MD-WV |
26.2% |
|
Palm Bay-Melbourne-Titusville, FL |
26.0% |
|
Farmington, NM |
25.0% |
|
Gulfport-Biloxi, MS |
24.9% |
|
Miami-Fort Lauderdale-Miami Beach, FL |
23.9% |
|
El Paso, TX |
23.2% |
|
Riverside-San Bernardino-Ontario, CA |
21.7% |
|
Spokane, WA |
21.5% |
|
Los Angeles-Long Beach-Santa Ana, CA |
20.7% |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
20.6% |
|
Pensacola-Ferry Pass-Brent, FL |
20.5% |
|
Baltimore-Towson, MD |
20.2% |
|
Baton Rouge, LA |
20.0% |
|
Eugene-Springfield, OR |
20.0% |
|
Cumberland, MD-WV |
19.7% |
|
Portland-Vancouver-Beaverton, OR-WA |
19.6% |
|
Gainesville, FL |
19.2% |
|
New York-Wayne-White Plains, NY-NJ |
19.2% |
|
Beaumont-Port Arthur, TX |
18.8% |
|
Jacksonville, FL |
18.5% |
|
Peoria, IL |
18.4% |
|
Dover, DE |
18.0% |
|
Reading, PA |
16.9% |
|
Boulder, CO |
16.8% |
|
Mobile, AL |
16.8% |
|
Little Rock-N. Little Rock, AR |
16.6% |
|
Bismark, ND |
16.0% |
|
New York-Northern New Jersey-Long Island, NY-NJ-PA |
16.0% |
|
Allentown-Bethlehem-Easton, PA-NJ |
15.6% |
|
Jackson, MS |
15.3% |
|
Raleigh-Cary, NC |
15.2% |
|
NY: Newark-Union, NJ-PA |
14.7% |
|
Corpus Christi, TX |
14.6% |
|
Montgomery, AL |
14.5% |
|
Syracuse, NY |
14.3% |
|
Kingston, NY |
14.2% |
|
Salt Lake City, UT |
14.2% |
|
Greenville, SC |
14.0% |
|
Nashville-Davidson–Murfreesboro, TN |
13.9% |
|
Albany-Schenectady-Troy, NY |
13.8% |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
13.7% |
|
Spartanburg, SC |
12.9% |
|
Danville, IL |
12.5% |
|
Las Vegas-Paradise, NV |
12.3% |
|
NY: Edison, NJ |
11.9% |
|
Albuquerque, NM |
11.7% |
|
Binghamton, NY |
11.7% |
|
San Antonio, TX |
11.7% |
|
Seattle-Tacoma-Bellevue, WA |
11.7% |
|
Anaheim-Santa Ana-Irvine, CA |
11.5% |
|
Chicago-Naperville-Joliet, IL |
11.2% |
|
Norwich-New London, CT |
11.2% |
|
Champaign-Urbana, IL |
11.0% |
|
Oklahoma City, OK |
10.9% |
|
Sacramento–Arden-Arcade–Roseville, CA |
10.8% |
|
Springfield, MO |
10.7% |
|
Austin-Round Rock, TX |
10.4% |
|
Tallahassee, FL |
10.4% |
|
Knoxville, TN |
10.1% |
|
Charleston-North Charleston, SC |
10.0% |
|
Ft. Wayne, IN |
9.7% |
|
Charleston, WV |
9.4% |
|
NY: Nassau-Suffolk, NY |
9.4% |
|
San Francisco-Oakland-Fremont, CA |
9.4% |
|
Colordo Springs, CO |
8.8% |
|
Shreveport-Bossier City, LA |
8.7% |
|
Portland-South Portland-Biddeford, ME |
8.1% |
|
Houston-Baytown-Sugar Land, TX |
8.0% |
|
Atlanta-Sandy Springs-Marietta, GA |
7.9% |
|
Madison, WI |
7.9% |
|
Saint Louis, MO-IL |
7.9% |
|
Bridgeport-Stamford-Norwalk, CT |
7.8% |
|
Indianapolis, IN |
7.6% |
|
Columbia, SC |
7.5% |
|
Birmingham-Hoover, AL |
7.4% |
|
Decatur, IL |
7.4% |
|
Sioux Falls, SD |
7.1% |
|
Memphis, TN-MS-AR |
7.0% |
|
Greensboro-High Point, NC |
6.9% |
|
Hartford-West Hartford-East Hartford, CT |
6.9% |
|
San Diego-Carlsbad-San Marcos, CA |
6.6% |
|
Glens Falls, NY |
6.2% |
|
Kennewick-Richland-Pasco, WA |
6.2% |
|
Milwaukee-Waukesha-West Allis, WI |
6.2% |
|
Pittsburgh, PA |
6.2% |
|
Rochester, NY |
6.2% |
|
Topeka, KS |
6.2% |
|
Dallas-Fort Worth-Arlington, TX |
6.0% |
|
Trenton-Ewing, NJ |
6.0% |
|
Charlotte-Gastonia-Concord, NC-SC |
5.9% |
|
Springfield, MA |
5.8% |
|
Yakima, WA |
5.5% |
|
Buffalo-Niagara Falls, NY |
5.2% |
|
Fargo, ND-MN |
5.2% |
|
Amarillo, TX |
5.0% |
|
Bloomington-Normal, IL |
5.0% |
|
Lexington-Fayette,KY |
5.0% |
|
Appleton, WI |
4.9% |
|
Chattanooga, TN-GA |
4.9% |
|
Kansas City, MO-KS |
4.8% |
|
Worcester, MA |
4.7% |
|
Davenport-Moline-Rock Island, IA-IL |
4.6% |
|
Minneapolis-St. Paul-Bloomington, MN-WI |
4.5% |
|
Denver-Aurora, CO |
4.4% |
|
Green Bay, WI |
4.1% |
|
Des Moines, IA |
4.0% |
|
Kankakee-Bradley, IL |
3.9% |
|
San Jose-Sunnyvale-Santa Clara, CA |
3.7% |
|
Rockford, IL |
3.6% |
|
Elmira, NY |
3.3% |
|
Pittsfield, MA |
3.3% |
|
Providence-New Bedford-Fall River, RI-MA |
3.3% |
|
Omaha, NE-IA |
3.2% |
|
Columbus, OH |
3.1% |
|
Wichita, KS |
3.0% |
|
Grand Rapids, MI |
2.3% |
|
Gary-Hammond, IN |
2.1% |
|
Louisville, KY-IN |
2.1% |
|
Boston-Cambridge-Quincy, MA-NH |
1.8% |
|
Waterloo/Cedar Falls, IA |
1.8% |
|
Tulsa, OK |
1.6% |
|
Youngstown-Warren-Boardman, OH-PA |
0.6% |
|
Akron, OH |
0.5% |
|
Barnstable Town, MA |
0.5% |
|
Cedar Rapids, IA |
0.3% |
|
Toledo, OH |
0.1% |
|
Canton-Massillon, OH |
0.0% |
|
Detroit-Warren-Livonia, MI |
-0.4% |
|
Cleveland-Elyria-Mentor, OH |
-0.9% |
|
Lansing-E.Lansing, MI |
-1.1% |
|
Erie, PA |
-2.9% |
|
Springfield, IL |
-2.9% |
|
South Bend-Mishawaka, IN |
-5.3% |
|
Source: National Association of Realtors |
|
Fourth-quarter 2005 home prices
|
Median price of an existing, single-family home in fourth-quarter 2005 |
|
|
Metro area |
Median price |
|
San Jose-Sunnyvale-Santa Clara, CA |
747.0 |
|
San Francisco-Oakland-Fremont, CA |
718.7 |
|
Anaheim-Santa Ana-Irvine, CA |
699.8 |
|
Honolulu, HI |
620.0 |
|
San Diego-Carlsbad-San Marcos, CA |
607.4 |
|
Los Angeles-Long Beach-Santa Ana, CA |
568.4 |
|
New York-Wayne-White Plains, NY-NJ |
537.3 |
|
NY: Nassau-Suffolk, NY |
472.4 |
|
Bridgeport-Stamford-Norwalk, CT |
468.5 |
|
New York-Northern New Jersey-Long Island, NY-NJ-PA |
459.6 |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
432.9 |
|
NY: Newark-Union, NJ-PA |
427.6 |
|
Boston-Cambridge-Quincy, MA-NH |
397.5 |
|
Barnstable Town, MA |
397.3 |
|
Riverside-San Bernardino-Ontario, CA |
392.3 |
|
Miami-Fort Lauderdale-Miami Beach, FL |
391.2 |
|
NY: Edison, NJ |
384.6 |
|
Sacramento–Arden-Arcade–Roseville, CA |
380.9 |
|
Sarasota-Bradenton-Venice, FL |
374.9 |
|
Boulder, CO |
349.5 |
|
Seattle-Tacoma-Bellevue, WA |
335.0 |
|
Las Vegas-Paradise, NV |
315.9 |
|
Providence-New Bedford-Fall River, RI-MA |
294.4 |
|
Cape Coral-Fort Myers, FL |
293.1 |
|
Worcester, MA |
289.5 |
|
Phoenix-Mesa-Scottsdale, AZ |
268.4 |
|
Chicago-Naperville-Joliet, IL |
265.6 |
|
Baltimore-Towson, MD |
265.1 |
|
Norwich-New London, CT |
262.1 |
|
Orlando, FL |
261.8 |
|
Kingston, NY |
260.0 |
|
Portland-Vancouver-Beaverton, OR-WA |
256.6 |
|
Hartford-West Hartford-East Hartford, CT |
253.8 |
|
Denver-Aurora, CO |
247.5 |
|
Portland-South Portland-Biddeford, ME |
245.7 |
|
Tucson, AZ |
245.2 |
|
Allentown-Bethlehem-Easton, PA-NJ |
243.4 |
|
Trenton-Ewing, NJ |
243.1 |
|
Minneapolis-St. Paul-Bloomington, MN-WI |
230.5 |
|
Madison, WI |
224.6 |
|
Tampa-St.Petersburg-Clearwater, FL |
223.0 |
|
Hagerstown-Martinsburg, MD-WV |
221.7 |
|
Virginia Beach-Norfolk-Newport News, VA-NC |
220.5 |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
215.1 |
|
Milwaukee-Waukesha-West Allis, WI |
211.6 |
|
Pittsfield, MA |
210.7 |
|
Palm Bay-Melbourne-Titusville, FL |
209.5 |
|
Colordo Springs, CO |
209.2 |
|
Eugene-Springfield, OR |
209.0 |
|
Deltona-Daytona Beach-Ormond Beach, FL |
208.9 |
|
Springfield, MA |
198.6 |
|
Charleston-North Charleston, SC |
198.4 |
|
Gainesville, FL |
197.7 |
|
Raleigh-Cary, NC |
197.7 |
|
Salem, OR |
194.1 |
|
Albany-Schenectady-Troy, NY |
190.8 |
|
Dover, DE |
185.7 |
|
Charlotte-Gastonia-Concord, NC-SC |
183.5 |
|
Salt Lake City, UT |
182.3 |
|
Jacksonville, FL |
182.2 |
|
New Orleans-Metairie-Kenner, LA |
181.2 |
|
Albuquerque, NM |
174.1 |
|
Tallahassee, FL |
172.6 |
|
Nashville-Davidson–Murfreesboro, TN |
170.9 |
|
Atlanta-Sandy Springs-Marietta, GA |
170.2 |
|
Durham, NC |
168.7 |
|
Spokane, WA |
168.6 |
|
Pensacola-Ferry Pass-Brent, FL |
168.2 |
|
Austin-Round Rock, TX |
167.0 |
|
Farmington, NM |
166.0 |
|
Bloomington-Normal, IL |
161.5 |
|
Ocala, FL |
161.1 |
|
Birmingham-Hoover, AL |
160.8 |
|
Kennewick-Richland-Pasco, WA |
157.7 |
|
Kansas City, MO-KS |
156.5 |
|
Detroit-Warren-Livonia, MI |
156.2 |
|
Baton Rouge, LA |
153.8 |
|
Greenville, SC |
152.2 |
|
Lexington-Fayette,KY |
150.7 |
|
Green Bay, WI |
150.6 |
|
Glens Falls, NY |
150.0 |
|
Greensboro-High Point, NC |
150.0 |
|
Knoxville, TN |
148.8 |
|
Columbus, OH |
147.9 |
|
Des Moines, IA |
147.2 |
|
Gulfport-Biloxi, MS |
146.5 |
|
Houston-Baytown-Sugar Land, TX |
146.3 |
|
Dallas-Fort Worth-Arlington, TX |
145.5 |
|
Memphis, TN-MS-AR |
144.2 |
|
Reading, PA |
143.2 |
|
Champaign-Urbana, IL |
142.6 |
|
Jackson, MS |
142.5 |
|
Lansing-E.Lansing, MI |
139.1 |
|
Saint Louis, MO-IL |
138.8 |
|
Omaha, NE-IA |
137.7 |
|
San Antonio, TX |
136.8 |
|
Columbia, SC |
136.5 |
|
Sioux Falls, SD |
136.4 |
|
Montgomery, AL |
136.3 |
|
Cleveland-Elyria-Mentor, OH |
135.7 |
|
Yakima, WA |
135.2 |
|
Grand Rapids, MI |
135.1 |
|
Fargo, ND-MN |
134.6 |
|
Louisville, KY-IN |
134.6 |
|
Cedar Rapids, IA |
133.8 |
|
Mobile, AL |
133.7 |
|
Chattanooga, TN-GA |
132.6 |
|
Corpus Christi, TX |
131.2 |
|
Appleton, WI |
129.3 |
|
Bismark, ND |
129.1 |
|
Gary-Hammond, IN |
128.4 |
|
Little Rock-N. Little Rock, AR |
125.9 |
|
Shreveport-Bossier City, LA |
125.6 |
|
Spartanburg, SC |
125.6 |
|
Kankakee-Bradley, IL |
123.6 |
|
Indianapolis, IN |
122.0 |
|
Oklahoma City, OK |
121.7 |
|
Springfield, MO |
120.8 |
|
Tulsa, OK |
120.0 |
|
El Paso, TX |
118.4 |
|
Akron, OH |
117.8 |
|
Charleston, WV |
117.3 |
|
Rockford, IL |
114.9 |
|
Pittsburgh, PA |
114.3 |
|
Rochester, NY |
112.8 |
|
Peoria, IL |
112.7 |
|
Syracuse, NY |
112.7 |
|
Toledo, OH |
112.5 |
|
Davenport-Moline-Rock Island, IA-IL |
109.2 |
|
Wichita, KS |
108.7 |
|
Canton-Massillon, OH |
106.1 |
|
Springfield, IL |
105.9 |
|
Amarillo, TX |
105.4 |
|
Topeka, KS |
105.2 |
|
Beaumont-Port Arthur, TX |
104.3 |
|
Ft. Wayne, IN |
104.1 |
|
Buffalo-Niagara Falls, NY |
99.8 |
|
Erie, PA |
99.7 |
|
Waterloo/Cedar Falls, IA |
99.7 |
|
Binghamton, NY |
95.8 |
|
South Bend-Mishawaka, IN |
89.9 |
|
Youngstown-Warren-Boardman, OH-PA |
86.7 |
|
Cumberland, MD-WV |
85.7 |
|
Decatur, IL |
84.5 |
|
Elmira, NY |
78.8 |
|
Danville, IL |
63.8 |
|
Source: National Association of Realtors |
|