Report: Home-Price Growth Slows Way Down
Median home-sale prices rose 6.1 percent year-over-year in April, a fraction of the 16.4 percent year-over-year pace last year, according to brokerage ZipRealty’s latest report.
The median sales price in the 24 metros that ZipRealty tracks averaged $277,627 in April.
The housing markets that were seeing some of the largest median home-price growth in April year-over-year were:
- Sacramento, Calf.: 20%
- Las Vegas: 17%
- Orlando, Fla., and Los Angeles: 13%
- Chicago: 10%
- Portland, Ore.: 9%
Meanwhile, “we’re seeing much bigger increases in inventory in several attractive markets, such as Phoenix, Sacramento, San Diego, Orange County, and Las Vegas,” says ZipRealty CEO Lanny Baker. “This is encouraging news, considering that housing inventory in these western markets was so much tighter last year and made things difficult for home buyers who faced few options in a red-hot seller’s market. Hopefully, these new for sale inventory opportunities will enable more buyers to jump off the sidelines and back onto the playing field this spring.”
ZipRealty reports that inventories grew by the largest amounts by the end of April year-over-year in the following markets:
- Phoenix: 55%
- Sacramento: 42%
- San Diego: 38%
- Orange County: 27%
- Las Vegas: 26%