Industry News

U.S. real estate prices continue to soar

Third-quarter report shows dozens of double-digit increases

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Median third-quarter metro resale prices ranged from $94,200 in Buffalo-Niagara Falls, N.Y., to nearly seven times that amount in the San Francisco Bay area, where the median price was $646,300, according to a third-quarter survey conducted by the National Association of Realtors. The second most expensive area was Anaheim-Santa Ana (Orange Co., Calif.), with a third-quarter median resale price of $643,600, followed by San Diego at $578,300. Other low-cost markets include El Paso, Texas, the second least costly area at $95,100, and Beaumont-Port Arthur, Texas, with a third-quarter typical resale home price of $95,300. The strongest metro area price increase was in the Las Vegas area where the third-quarter median existing-home price of $283,200 was 53.7 percent higher than a year earlier, the highest rate of price growth ever measured in any metropolitan area. Next came Bradenton, Fla., with a median price of $248,000, up 40.7 percent from the third quarter of 2003. Third was the ...