ZipRealty, Inc. has released a new report showing that median home sales prices in the 24 metros surveyed by Zip accelerated to 7.9% year-over-year growth in May 2014, about 2 percentage points stronger than the 6.1% year-over-year growth seen in April 2014.
Across the metros analyzed by ZipRealty, the median sales price was $290,000 at the end of May 2014, a $20,000 increase since May 2013.
The largest year-over-year increases in median home sales for May 2014 were:
Las Vegas, up 16%
Sacramento, up 15%
Chicago, up 14%
Austin, up 12%
Orlando and Los Angeles, both up 11%
“Home price trends continue to be closely tied to inventory levels, and part of the price strength in May almost certainly reflects tighter inventory this month,” said ZipRealty CEO Lanny Baker. After rising 1% year-over-year in April 2014, for sale housing inventory fell to (5%) below 2013 levels in May 2014. The biggest declines in inventory occurred in the leading Texas metros, with the number of homes for sale in Houston down (16%) year-over-year, Dallas down (12%) and Austin down (6%). Sizeable inventory declines also occurred in Boston (13%) and Denver (5%) in May 2014.
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