*Home Prices On The Rise Again*
**New Data Emerges**
***ZipRealty, an online technology-enabled residential real estate brokerage company, released its ZipRealty Home Price Report, which is based upon authoritative transactional and MLS data in 33 major metros. According to the report, U.S. median home sale prices have increased 11% on a year-over-year basis to $211,312. In 2011, the median home sale price was $190,000, according to data released by ZipRealty.
****While a recent report on existing home sales issued this week by the National Association of Realtors (NAR) found that home prices increased an average of 6.3% nationwide, ZipRealty found that in the 33 markets they and their Powered by Zip partners serve, home sale prices increased an average of 11%. According to ZipRealty’s data, Phoenix, Miami and Palm Beach, Fla., showed the largest increases in home prices on a year-over-year basis.
****Phoenix prices increased 29% from $112,329 to $145,500; Miami prices jumped 23% from $126,000 to $155,000; and Palm Beach housing prices rose 16% from $125,000 to $145,000 last year. Chicago home prices dipped 3% from $165,000 to $160,000 at year’s end; prices in Long Island’s Nassau and Suffolk counties in New York remain unchanged at $350,000; and Brooklyn, N.Y. home prices grew nominally from $420,500 to $421,000, according to ZipRealty data.
****“The metros that suffered the most during the real estate downturn – South Florida and Phoenix – have exhibited the greatest improvement recently,” according to Jamie Wilson, ZipRealty’s Senior Vice President of Technology, who oversees the firm’s research department. “Previously, these metros were characterized by a high volume of housing market distress in the form of foreclosures, and we are now seeing that trend reverse itself with greater volumes of regular re-sale activity even in many of the hardest hit markets.”