Second quarter 2010 home prices have been released. Median home prices were up 1.5% nationwide in comparison to second quarter 2009 prices, according to the National Association of Realtors. Prices were up in 100 out of the 155 metropolitan areas tracked with a total median home price of $176,900 up from $174,200 in the same quarter last year.
Sales were buoyed by the U.S. government’s $8,000 tax credit for first-time homebuyers and $6,500 for repeat buyers. However, this credit expired April 30, 2010.
Buyers also took advantage of the lowest mortgage rates in decades.
The West was up 2.6% from the same quarter last year. Its gains were mostly due to the strength in California markets. The market of San Francisco-Oakland-Fremont, California was up 25% while the nearby market of San Jose-Sunnyvale-Santa Clara, California was up 26%. Median home prices rose from $472,900 to $591,200 and from $500,000 to $630,000, in the respective metropolitan areas. These areas combine for a total population of more than six million people.
Other California markets include: Los Angeles-Long Beach-Santa Ana, California, up 9.3% to $339,900; San Diego-Carlsbad-San Marcos, California, up 13.1% to $392,600; Riverside-San Bernardino-Ontario, California, up 17.8% to $190,200; Sacrament-Arden-Arcade-Roseville, California, up 8.3% to $192,200.
Home sales numbers will be an important economic indicator in the coming months with the expiration of the tax credit. Median home prices means that half the homes sell for more, half for less. Median home prices typically rise in the summer as more families are out looking for houses in the warmer weather and to get settled for the school year.
For a complete list of prices, please go to the National Association of Realtors website.