Industry News

Housing costs soar nationwide

New Census data shows owner costs, home-value changes during 2000-2005

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Median home values rose sharply between 2000 and 2005, with some of the highest increases rising more than 100 percent, according to new Census Bureau data released today. Along with rising values, monthly ownership costs have also increased nationwide, with the sharpest increases occurring in Detroit, Chicago and San Francisco. The real median home value in San Diego jumped from $249,000 to $567,000 between 2000 and 2005, the largest increase in the nation among big cities. Across the country, real median home values soared 32 percent, according to the American Community Survey data, collected in 2005. The survey is a first look at key housing information for many communities since Census 2000, when many housing markets started to boom with activity. Many markets across the country began to lose steam in 2005, with slowing home sales. "Just about anyone who owns a home or has been in the market for one in the past few years knows first-hand how home values jumped from 2000 to 2005,...