Summer Report Card: Home Prices Up All Over the USA

We hope you’re all enjoying the fervor of the summer games in London! We’re so proud to watch our athletes winning medals at the Olympics and anticipate each day’s results – but today, gold medals aren’t the only good news going for the USA.

You may have missed it watching the Men’s 100m Freestyle race, but we’ve got some new numbers in this week that support the recovery of the housing market. The real estate industry has been trying to right itself for quite some time, in fits and starts, but these numbers demonstrate some consistent improvement.

 

 

 

Home Prices Are Up All Over the Nation

First, we have data from ZipRealty on median home prices for about 29 reporting districts through June 2012. And we’re seeing almost exclusively positive numbers, with some double-digit gains, to boot!

 

You can see the seasonal ebbs and flows with this chart. In general, prices peak in the summer and find their lows in the winter since more people buy and move during the warm, out-of-school months. But as we compare this June to last June, the jump in median home price is very encouraging!

Home Price Increases are Steady

Month

Median Home Price

Difference in Price

June 2011

$232,541

 

June 2012

251,174

+ $18,633

A nearly 20K improvement is something to be happy about, and continual improvement is something to be even happier about. Here’s what the last few months have looked like from a national perspective:

Month

Median Home Price

Difference in Price

January 2012

$205,119

 

February 2012

$206,264

+$1,145

March 2012

$219,414

+$13,150

April 2012

$230,528

+$11,114

May 2012

$240,244

+$9,716

June 2012

$251,174

$10,930

As you can see, home prices got a nice boost during March, but have continued to improve at a rate of about $10K every month. Plus, this month’s gain was more than the gain in May – will home prices continue to rise, not reaching their peak until later in the summer? What a boon this would be for the housing market—let’s hope we have some good news next month!

How the Cities Did: Year-over-Year Comparison for June 2012

Wrapping up, let’s get an overview of how the different districts did in terms of median sold price. We’ll be going into these numbers a little more deeply over the next few weeks, but here’s a snapshot.

Lots of green on this chart – stay tuned as we delve into different cities and look at which ones have done especially well this summer!

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Sarah Louise Green lives in the San Francisco Bay Area and writes about national and local real estate trends, home financing, advice for buyers, and DIY projects for the home and garden. Follow Sarah on Twitter:@slouisegreen