Industry News

U.S. real estate prices post healthy gains

Home values up 55% in Phoenix metro area, NAR reports

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Median third-quarter metro area home prices ranged from $72,800 in Danville, Ill., to nearly 10 times that amount in the San Francisco-Oakland-Fremont area of California where the median price was $721,900, according to National Association of Realtors statistics. The second most expensive area in the United States was Anaheim-Santa Ana in Orange County, Calif., at $710,700, followed by the Honolulu area and San Diego-Carlsbad-San Marcos, Calif., which tied at $615,000, NAR announced today. Other low-cost markets include, Elmira, N.Y., the second least-costly metro, at $77,100, and Decatur, Ill., with a third-quarter typical resale home price of $85,500. The strongest price increase in the nation was in the Phoenix-Mesa-Scottsdale area of Arizona, where the third-quarter price of $268,000 rose 55.2 percent from a year earlier. Next was Orlando, Fla., at $261,300, up 44.8 percent from the third quarter of 2004. Cape Coral-Fort Meyers, Fla., with a third-quarter median price of $277,60...