|
How are home values in your neighborhood?
By Myra
Cristobal • Bankrate.com
Single-family homes continue to be solid financial investments across
most parts of the country. That's great news for most homeowners,
especially those considering refinancing. Increasing home equity
combined with record-low mortgage rates make refinancing an inviting
option.
The median price for an existing home rose 8.8 percent over the
past year, according to the latest survey from the National Association
of Realtors.
Home prices in the fourth quarter of 2002 rose almost three times
faster than historic norms says NAR's chief economist, David Lereah.
The reason? Not enough homes on the market to meet the demand.
"There was an average 4.7-month supply of homes on the market
during the fourth quarter, well below the 6.0-month level considered
to be a generally balanced market between buyers and sellers,"
reports Lereah.
Housing prices vary by region, but according to the NAR's 2002
fourth quarter survey, the median home price across the nation was
$161,600 in the third quarter of 2002, up from $148,500 in the same
quarter last year.
The highest jump in home values occurred in the Sacramento area
of California. Single-family home prices increased 26.7 percent,
followed by San Diego area which saw a 26.6 percent jump in home
values. Providence, R.I., follows with a 24.6 percent rise from
last year.
Home values fell the sharpest in Albuquerque, N.M. Values in this
city fell 5.1 percent followed by declines of 2.4 percent in Beaumont/Port
Arthur, Texas and 1.8 percent in Peoria, Ill.
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 fourth quarter of 2001 with the fourth quarter of 2002.
Not all cities reported their information, so some major metropolitan
areas are left out.
|
Median home prices:
2001 - 2002
|
|
|
|
2002
($000s)
|
%
Change
|
| Birmingham |
135.6
|
140.3
|
3.5%
|
| Mobile |
106.9
|
112.6
|
5.3%
|
| Montgomery |
N/A
|
114.7
|
N/A
|
|
|
|
2002
($000s)
|
%
Change
|
| No
data available |
|
|
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Phoenix |
138.8
|
145.8
|
5.0%
|
| Tucson |
131.4
|
149.4
|
13.7%
|
|
|
|
2002
($000s)
|
%
Change
|
| Little
Rock - N. Little Rock |
92.2
|
98.0
|
6.3%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Orange
County (Anaheim/Santa Ana MSA) |
360.9
|
434.6
|
20.4%
|
| Los
Angeles area |
254.3
|
304.6
|
19.8%
|
| Riverside/San
Bernardino |
162.1
|
185.7
|
14.6%
|
| Sacramento |
177.0
|
224.2
|
26.7%
|
| San
Diego |
299.5
|
379.3
|
26.6%
|
| San
Francisco Bay area |
463.9
|
516.4
|
11.3%
|
|
|
|
2002
($000s)
|
%
Change
|
| Colorado
Springs |
173.3
|
179.3
|
3.5%
|
| Denver |
215.5
|
227.9
|
5.8%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Hartford |
169.8
|
183.5
|
8.1%
|
| New
Haven/Meriden |
171.9
|
202.0
|
17.5%
|
|
|
|
2002
($000s)
|
%
Change
|
| Wilmington |
137.5
|
155.4
|
13.0%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Washington,
D.C. |
226.7
|
258.7
|
14.1%
|
|
|
|
2002
($000s)
|
%
Change
|
| Bradenton |
130.6
|
156.8
|
20.1%
|
| Daytona
Beach |
86.0
|
100.6
|
16.8%
|
| Fort
Lauderdale/Hollywood/Pompano Beach |
169.5
|
204.8
|
20.8%
|
| Fort
Myers/Cape Coral |
120.0
|
136.4
|
13.7%
|
| Gainesville |
119.3
|
130.8
|
9.6%
|
| Jacksonville |
114.2
|
121.0
|
6.0%
|
| Melbourne/Titusville/Palm
Bay |
95.6
|
115.6
|
20.9%
|
| Miami/Hialeah |
167.6
|
N/A
|
N/A
|
| Ocala |
N/A
|
N/A
|
N/A
|
| Orlando |
124.7
|
139.6
|
11.9%
|
| Pensacola |
105.2
|
113.3
|
7.7%
|
| Sarasota |
N/A
|
176.1
|
N/A
|
| Tallahassee |
130.6
|
140.0
|
7.2%
|
| Tampa/St.
Petersburg/Clearwater |
123.1
|
N/A
|
N/A
|
| West
Palm Beach/Boca Raton/Delray Beach |
155.0
|
N/A
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Atlanta |
139.5
|
148.95
|
6.7%
|
|
|
|
2002
($000s)
|
%
Change
|
| Honolulu |
310.0
|
350.0
|
12.9%
|
|
|
|
2002
($000s)
|
%
Change
|
| Boise
City |
131.3
|
N/A
|
N/A
|
|
|
|
2002
($000s)
|
%
Change
|
| Aurora/Elgin |
178.7
|
194.9
|
9.1%
|
| Champaign/Urbana/Rantoul |
100.6
|
114.9
|
14.2%
|
| Chicago |
193.0
|
223.3
|
15.7%
|
| Lake
County |
178.4
|
195.6
|
9.6%
|
| Peoria |
88.6
|
87.0
|
-1.8%
|
| Rockford |
103.0
|
109.9
|
6.7%
|
| Springfield |
83.4
|
91.1
|
9.2%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Fort
Wayne |
94.7
|
93.1
|
-1.7%
|
| Gary/Hammond |
114.0
|
117.0
|
2.6%
|
| Indianapolis |
115.5
|
116.3
|
0.7%
|
| South
Bend/Mishawaka |
92.5
|
92.5
|
0.0%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Cedar
Rapids |
117.2
|
118.4
|
10.4%
|
| Davenport/Moline/Rock
Island |
89.5
|
98.8
|
3.3%
|
| Des
Moines |
124.8
|
132.0
|
5.8%
|
| Waterloo/Cedar
Falls |
81.5
|
89.2
|
9.4%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Topeka |
90.0
|
90.2
|
0.2%
|
| Wichita |
98.0
|
100.6
|
2.7%
|
|
|
|
2002
($000s)
|
%
Change
|
| Lexington/Fayette |
122.9
|
127.2
|
3.5%
|
| Louisville |
N/A
|
127.5
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Baton
Rouge |
116.3
|
118.6
|
2.0%
|
| New
Orleans |
119.3
|
122.6
|
2.8%
|
| Shreveport |
88.0
|
89.0
|
1.1%
|
|
|
|
2002
($000s)
|
%
Change
|
| Portland |
160.0
|
188.8
|
18.0%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Baltimore |
165.9
|
189.5
|
14.2%
|
|
|
|
2002
($000s)
|
%
Change
|
| Boston |
350.4
|
386.3
|
10.2%
|
| Springfield |
129.1
|
148.2
|
14.8%
|
| Worcester |
148.5
|
N/A
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Detroit |
148.7
|
N/A
|
N/A
|
| Grand
Rapids |
119.4
|
126.1
|
5.6%
|
| Kalamazoo |
118.9
|
116.5
|
-2.0%
|
| Lansing/East
Lansing |
118.5
|
125.4
|
5.8%
|
| Saginaw/Bay
City/Midland |
86.9
|
N/A
|
N/A
|
|
|
|
2002
($000s)
|
%
Change
|
| Minneapolis/St.
Paul |
172.3
|
189.9
|
10.2%
|
| Fargo/Moorhead,
N.D./Minn. |
106.5
|
110.6
|
3.8%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Biloxi/Gulfport |
106.8
|
100.4
|
-6.0%
|
| Jackson |
N/A
|
111.2
|
N/A
|
|
|
|
2002
($000s)
|
%
Change
|
| Kansas
City |
135.4
|
137.7
|
1.7%
|
| Saint
Louis |
105.8
|
116.3
|
9.9%
|
| Springfield |
90.6
|
N/A
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| No
data available |
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Lincoln |
119.1
|
126.3
|
6.0%
|
| Omaha |
115.4
|
123.9
|
7.4%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Las
Vegas |
152.3
|
166.1
|
9.1%
|
| Reno |
169.5
|
194.4
|
14.7%
|
|
|
|
2002
($000s)
|
%
Change
|
| Atlantic
City |
129.4
|
150.8
|
16.5%
|
| Bergen/Passaic |
2196.4
|
350.2
|
18.2%
|
| Middlesex/Somerset/Hunterdon |
246.1
|
284.3
|
15.5%
|
| Monmouth/Ocean |
214.3
|
261.7
|
22.1%
|
| Newark |
255.9
|
301.9
|
18.0%
|
| Trenton |
157.8
|
181.4
|
15.0%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Albuquerque |
142.1
|
134.9
|
-5.1%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Albany/Schenectady/Troy |
127.9
|
139.6
|
9.1%
|
| Buffalo/Niagara
Falls |
83.0
|
85.4
|
2.9%
|
| Nassau/Suffolk |
269.9
|
333.6
|
23.6%
|
| New
York metro (incl. Northern N.J., Long Island and Conn.) |
266.5
|
320.3
|
20.2%
|
| Rochester |
89.6
|
95.3
|
6.4%
|
| Syracuse |
85.7
|
86.2
|
0.6%
|
|
|
|
2002
($000s)
|
%
Change
|
| Charlotte/Gastonia/Rock
Hill, N.C./S.C. |
145.7
|
150.0
|
3.0%
|
| Greensboro/Winston-Salem/High
Point |
133.0
|
136.6
|
2.7%
|
| Raleigh/Durham |
162.6
|
173.13
|
6.5%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Fargo/Moorhead,
N.D./Minn. |
106.5
|
110.6
|
3.8%
|
|
|
|
2002
($000s)
|
%
Change
|
| Akron |
110.6
|
117.9
|
6.6%
|
| Canton |
107.4
|
N/A
|
N/A
|
| Cincinnati |
129.3
|
133.6
|
3.3%
|
| Cleveland |
N/A
|
N/A
|
N/A
|
| Columbus |
136.3
|
135.7
|
-0.4%
|
| Dayton/Springfield |
102.7
|
110.9
|
8.0%
|
| Toledo |
108.9
|
108.4
|
-0.5%
|
| Youngstown/Warren |
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Oklahoma
City |
91.5
|
96.4
|
5.4%
|
| Tulsa |
105.0
|
111.3
|
6.0%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Eugene/Springfield |
134.2
|
143.5
|
6.9%
|
| Portland |
171.5
|
181.9
|
6.1%
|
|
|
|
2002
($000s)
|
%
Change
|
| Philadelphia |
135.0
|
152.0
|
12.6%
|
| Pittsburgh |
97.8
|
101.8
|
4.1%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Providence |
165.4
|
206.1
|
24.6%
|
|
|
|
2002
($000s)
|
%
Change
|
| Charleston |
149.8
|
162.7
|
8.6%
|
| Columbia |
114.9
|
121.6
|
5.8%
|
| Greensville/Spartanburg
|
121.8
|
128.0
|
5.1%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Sioux
Falls |
114.5
|
119.2
|
4.1%
|
|
|
|
2002
($000s)
|
%
Change
|
| Chattanooga |
109.8
|
112.1
|
2.1%
|
| Knoxville |
116.9
|
119.8
|
2.5%
|
| Memphis |
125.3
|
130.9
|
4.5%
|
| Nashville |
134.2
|
N/A
|
N/A
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Amarillo
|
90.3
|
90.9
|
0.7%
|
| Austin/San
Marcos |
151.7
|
151.0
|
-0..5%
|
| Beaumont/Port
Arthur |
83.5
|
81.5
|
-2.4%
|
| Corpus
Christi |
94.4
|
98.1
|
3.9%
|
| Dallas |
129.2
|
134.6
|
4.2%
|
| El
Paso |
84.2
|
92.1
|
9.4%
|
| Fort
Worth/Arlington |
N/A
|
N/A
|
N/A
|
| Houston |
124.6
|
133.9
|
7.5%
|
| San
Antonio |
105.0
|
110.7
|
5.4%
|
|
|
|
2002
($000s)
|
%
Change
|
| Salt
Lake City/Ogden |
146.8
|
148.5
|
1.2%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| No
data available |
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Norfolk/Virginia
Beach/Newport News |
N/A
|
N/A
|
N/A
|
| Richmond/Petersburg |
130.5
|
142.8
|
9.4%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Richland/Kennewick/Pasco |
N/A
|
145.7
|
N/A
|
| Seattle |
243.7
|
258.3
|
6.0%
|
| Spokane |
106.6
|
108.5
|
1.8%
|
| Tacoma |
160.9
|
173.3
|
7.7%
|
|
|
|
2002
($000s)
|
%
Change
|
| Charleston |
110.4
|
106.4
|
-3.6%
|
|
|
|
|
|
2002
($000s)
|
%
Change
|
| Appleton/Oshkosh/Neenah |
104.6
|
111.9
|
7.0%
|
| Green
Bay |
124.6
|
132.8
|
6.6%
|
| Madison |
163.0
|
182.0
|
11.7%
|
| Milwaukee |
151.5
|
181.3
|
19.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
| No
data available |
|
|
|
| Source:
National Association of Realtors, Quarterly Housing Affordability
Index |
|
