|
How are home values in your neighborhood?
By
Myra Cristobal
• Bankrate.com
Single-family homes continue to be solid financial investments across
most parts of the country. That's great news for most homeowners,
especially those considering refinancing. Increasing home equity
combined with record-low mortgage rates make refinancing an inviting
option.
The median price for an existing home rose 8.8 percent over the past
year, according to the latest survey from the National Association of
Realtors.
Home prices in the fourth quarter of 2002 rose almost three times
faster than historic norms says NAR's chief economist, David Lereah. The
reason? Not enough homes on the market to meet the demand.
"There was an average 4.7-month supply of homes on the market during
the fourth quarter, well below the 6.0-month level considered to be a
generally balanced market between buyers and sellers," reports Lereah.
Housing prices vary by region, but according to the NAR's 2002 fourth
quarter survey, the median home price across the nation was $161,600 in
the third quarter of 2002, up from $148,500 in the same quarter last
year.
The highest jump in home values occurred in the Sacramento area of
California. Single-family home prices increased 26.7 percent, followed
by San Diego area which saw a 26.6 percent jump in home values.
Providence, R.I., follows with a 24.6 percent rise from last year.
Home values fell the sharpest in Albuquerque, N.M. Values in this
city fell 5.1 percent followed by declines of 2.4 percent in
Beaumont/Port Arthur, Texas and 1.8 percent in Peoria, Ill.
Want to see how home values fared in your area? This chart shows the
median price in thousands of dollars. It compares home values from the
fourth quarter of 2001 with the fourth quarter of 2002. Not all cities
reported their information, so some major metropolitan areas are left
out.
|
Median home prices: 2001 - 2002
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Birmingham |
135.6
|
140.3
|
3.5%
|
|
Mobile |
106.9
|
112.6
|
5.3%
|
|
Montgomery |
N/A
|
114.7
|
N/A
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
No data available |
|
|
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Phoenix |
138.8
|
145.8
|
5.0%
|
|
Tucson |
131.4
|
149.4
|
13.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Little Rock - N. Little Rock |
92.2
|
98.0
|
6.3%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Orange County (Anaheim/Santa Ana MSA) |
360.9
|
434.6
|
20.4%
|
|
Los Angeles area |
254.3
|
304.6
|
19.8%
|
|
Riverside/San Bernardino |
162.1
|
185.7
|
14.6%
|
|
Sacramento |
177.0
|
224.2
|
26.7%
|
|
San Diego |
299.5
|
379.3
|
26.6%
|
|
San Francisco Bay area |
463.9
|
516.4
|
11.3%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Colorado Springs |
173.3
|
179.3
|
3.5%
|
|
Denver |
215.5
|
227.9
|
5.8%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Hartford |
169.8
|
183.5
|
8.1%
|
|
New Haven/Meriden |
171.9
|
202.0
|
17.5%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Wilmington |
137.5
|
155.4
|
13.0%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Washington, D.C. |
226.7
|
258.7
|
14.1%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Bradenton |
130.6
|
156.8
|
20.1%
|
|
Daytona Beach |
86.0
|
100.6
|
16.8%
|
|
Fort Lauderdale/Hollywood/Pompano Beach |
169.5
|
204.8
|
20.8%
|
|
Fort Myers/Cape Coral |
120.0
|
136.4
|
13.7%
|
|
Gainesville |
119.3
|
130.8
|
9.6%
|
|
Jacksonville |
114.2
|
121.0
|
6.0%
|
|
Melbourne/Titusville/Palm Bay |
95.6
|
115.6
|
20.9%
|
|
Miami/Hialeah |
167.6
|
N/A
|
N/A
|
|
Ocala |
N/A
|
N/A
|
N/A
|
|
Orlando |
124.7
|
139.6
|
11.9%
|
|
Pensacola |
105.2
|
113.3
|
7.7%
|
|
Sarasota |
N/A
|
176.1
|
N/A
|
|
Tallahassee |
130.6
|
140.0
|
7.2%
|
|
Tampa/St. Petersburg/Clearwater |
123.1
|
N/A
|
N/A
|
|
West Palm Beach/Boca Raton/Delray Beach |
155.0
|
N/A
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Atlanta |
139.5
|
148.95
|
6.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Honolulu |
310.0
|
350.0
|
12.9%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Boise City |
131.3
|
N/A
|
N/A
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Aurora/Elgin |
178.7
|
194.9
|
9.1%
|
|
Champaign/Urbana/Rantoul |
100.6
|
114.9
|
14.2%
|
|
Chicago |
193.0
|
223.3
|
15.7%
|
|
Lake County |
178.4
|
195.6
|
9.6%
|
|
Peoria |
88.6
|
87.0
|
-1.8%
|
|
Rockford |
103.0
|
109.9
|
6.7%
|
|
Springfield |
83.4
|
91.1
|
9.2%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Fort Wayne |
94.7
|
93.1
|
-1.7%
|
|
Gary/Hammond |
114.0
|
117.0
|
2.6%
|
|
Indianapolis |
115.5
|
116.3
|
0.7%
|
|
South Bend/Mishawaka |
92.5
|
92.5
|
0.0%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Cedar Rapids |
117.2
|
118.4
|
10.4%
|
|
Davenport/Moline/Rock Island |
89.5
|
98.8
|
3.3%
|
|
Des Moines |
124.8
|
132.0
|
5.8%
|
|
Waterloo/Cedar Falls |
81.5
|
89.2
|
9.4%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Topeka |
90.0
|
90.2
|
0.2%
|
|
Wichita |
98.0
|
100.6
|
2.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Lexington/Fayette |
122.9
|
127.2
|
3.5%
|
|
Louisville |
N/A
|
127.5
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Baton Rouge |
116.3
|
118.6
|
2.0%
|
|
New Orleans |
119.3
|
122.6
|
2.8%
|
|
Shreveport |
88.0
|
89.0
|
1.1%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Portland |
160.0
|
188.8
|
18.0%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Baltimore |
165.9
|
189.5
|
14.2%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Boston |
350.4
|
386.3
|
10.2%
|
|
Springfield |
129.1
|
148.2
|
14.8%
|
|
Worcester |
148.5
|
N/A
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Detroit |
148.7
|
N/A
|
N/A
|
|
Grand Rapids |
119.4
|
126.1
|
5.6%
|
|
Kalamazoo |
118.9
|
116.5
|
-2.0%
|
|
Lansing/East Lansing |
118.5
|
125.4
|
5.8%
|
|
Saginaw/Bay City/Midland |
86.9
|
N/A
|
N/A
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Minneapolis/St. Paul |
172.3
|
189.9
|
10.2%
|
|
Fargo/Moorhead, N.D./Minn. |
106.5
|
110.6
|
3.8%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Biloxi/Gulfport |
106.8
|
100.4
|
-6.0%
|
|
Jackson |
N/A
|
111.2
|
N/A
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Kansas City |
135.4
|
137.7
|
1.7%
|
|
Saint Louis |
105.8
|
116.3
|
9.9%
|
|
Springfield |
90.6
|
N/A
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
No data available |
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Lincoln |
119.1
|
126.3
|
6.0%
|
|
Omaha |
115.4
|
123.9
|
7.4%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Las Vegas |
152.3
|
166.1
|
9.1%
|
|
Reno |
169.5
|
194.4
|
14.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Atlantic City |
129.4
|
150.8
|
16.5%
|
|
Bergen/Passaic |
2196.4
|
350.2
|
18.2%
|
|
Middlesex/Somerset/Hunterdon |
246.1
|
284.3
|
15.5%
|
|
Monmouth/Ocean |
214.3
|
261.7
|
22.1%
|
|
Newark |
255.9
|
301.9
|
18.0%
|
|
Trenton |
157.8
|
181.4
|
15.0%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Albuquerque |
142.1
|
134.9
|
-5.1%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Albany/Schenectady/Troy |
127.9
|
139.6
|
9.1%
|
|
Buffalo/Niagara Falls |
83.0
|
85.4
|
2.9%
|
|
Nassau/Suffolk |
269.9
|
333.6
|
23.6%
|
|
New York metro (incl. Northern N.J., Long Island and Conn.) |
266.5
|
320.3
|
20.2%
|
|
Rochester |
89.6
|
95.3
|
6.4%
|
|
Syracuse |
85.7
|
86.2
|
0.6%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Charlotte/Gastonia/Rock Hill, N.C./S.C. |
145.7
|
150.0
|
3.0%
|
|
Greensboro/Winston-Salem/High Point |
133.0
|
136.6
|
2.7%
|
|
Raleigh/Durham |
162.6
|
173.13
|
6.5%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Fargo/Moorhead, N.D./Minn. |
106.5
|
110.6
|
3.8%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Akron |
110.6
|
117.9
|
6.6%
|
|
Canton |
107.4
|
N/A
|
N/A
|
|
Cincinnati |
129.3
|
133.6
|
3.3%
|
|
Cleveland |
N/A
|
N/A
|
N/A
|
|
Columbus |
136.3
|
135.7
|
-0.4%
|
|
Dayton/Springfield |
102.7
|
110.9
|
8.0%
|
|
Toledo |
108.9
|
108.4
|
-0.5%
|
|
Youngstown/Warren |
N/A
|
N/A
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Oklahoma City |
91.5
|
96.4
|
5.4%
|
|
Tulsa |
105.0
|
111.3
|
6.0%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Eugene/Springfield |
134.2
|
143.5
|
6.9%
|
|
Portland |
171.5
|
181.9
|
6.1%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Philadelphia |
135.0
|
152.0
|
12.6%
|
|
Pittsburgh |
97.8
|
101.8
|
4.1%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Providence |
165.4
|
206.1
|
24.6%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Charleston |
149.8
|
162.7
|
8.6%
|
|
Columbia |
114.9
|
121.6
|
5.8%
|
|
Greensville/Spartanburg |
121.8
|
128.0
|
5.1%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Sioux Falls |
114.5
|
119.2
|
4.1%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Chattanooga |
109.8
|
112.1
|
2.1%
|
|
Knoxville |
116.9
|
119.8
|
2.5%
|
|
Memphis |
125.3
|
130.9
|
4.5%
|
|
Nashville |
134.2
|
N/A
|
N/A
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Amarillo |
90.3
|
90.9
|
0.7%
|
|
Austin/San Marcos |
151.7
|
151.0
|
-0..5%
|
|
Beaumont/Port Arthur |
83.5
|
81.5
|
-2.4%
|
|
Corpus Christi |
94.4
|
98.1
|
3.9%
|
|
Dallas |
129.2
|
134.6
|
4.2%
|
|
El Paso |
84.2
|
92.1
|
9.4%
|
|
Fort Worth/Arlington |
N/A
|
N/A
|
N/A
|
|
Houston |
124.6
|
133.9
|
7.5%
|
|
San Antonio |
105.0
|
110.7
|
5.4%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Salt Lake City/Ogden |
146.8
|
148.5
|
1.2%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
No data available |
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Norfolk/Virginia Beach/Newport News |
N/A
|
N/A
|
N/A
|
|
Richmond/Petersburg |
130.5
|
142.8
|
9.4%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Richland/Kennewick/Pasco |
N/A
|
145.7
|
N/A
|
|
Seattle |
243.7
|
258.3
|
6.0%
|
|
Spokane |
106.6
|
108.5
|
1.8%
|
|
Tacoma |
160.9
|
173.3
|
7.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Charleston |
110.4
|
106.4
|
-3.6%
|
|
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
Appleton/Oshkosh/Neenah |
104.6
|
111.9
|
7.0%
|
|
Green Bay |
124.6
|
132.8
|
6.6%
|
|
Madison |
163.0
|
182.0
|
11.7%
|
|
Milwaukee |
151.5
|
181.3
|
19.7%
|
|
|
2001
($000s)
|
2002
($000s)
|
%
Change
|
|
No data available |
|
|
|
|
Source: National Association of Realtors, Quarterly
Housing Affordability Index |
|
