U.S. home prices nationwide rose 1.8 percent for the quarter ending September 2013 and they were 10.9 percent higher than a year ago, according to the latest data from Clear Capital. All four regions of the country saw small upticks in quarterly price gains ranging from a 1.0-percent gain in the Northeast to an increase of 2.9 percent in the West. On an annual basis, home prices in the Northeast were 5.7 percent higher in September compared to a year ago, 10.0 percent higher in the Midwest, 9.0 percent higher in the South and 19.1 percent higher in the West.
The highest-performing metro areas were San Francisco and Detroit, which saw quarterly price gains of 4.4 percent and 4.3 percent, respectively, and annual price increases of 28.3 percent and 23.3 percent, respectively. Median home prices in San Francisco hover around $600,000, while REO saturation remains at a low 6.3 percent. San Francisco home prices are now 28.2 percent off peak prices. Meanwhile, in Detroit, median home prices are $107,500, still down 64.5 percent from peak prices, while REO saturation remains high around 31.7 percent.
Keller Williams Realty, Inc. is a real estate franchise company. Each Keller Williams office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.
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