Median price of existing homes rises nationally

Real Estate Watch

August 16, 1998

As sales of existing homes continue to rise, the same can be said for median home prices across the country.

According to second-quarter statistics released last week by the National Association of Realtors, the median price for an existing home was $131,000, up 6 percent from the second quarter for 1997.

The median is the midpoint in the price range. Half the homes sell for more, half for less.

The metropolitan area with the highest median price was San Francisco, at $329,400.

Regionally, the Midwest recorded the largest increase in median home prices in the second quarter; they rose 7.9 percent, to $114,000.

In the West, the median price rose to $172,900, an increase of 7.5 percent. The highest increase came in San Diego, where the median price jumped 14.6 percent to $210,200. The next-largest increase was in Anaheim-Santa Ana, Calif., where the median price rose 14.4 percent to $261,500.

The South, meanwhile, jumped 7.1 percent to $115,900. In the Northeast, the median price grew 3.5 percent to $151,100.

Pub Date: 8/16/98

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