House prices moderating, USA

House prices across the United States are moderating, says a new report issued by ZipRealty. Inc.

Lanny Baker, CEO and President of ZipRealty, said “The fall’s cooler temps are being matched by a cooling off in the housing market’s red-hot trends.”

“For the month ended Sept. 15, median homes sale prices in the 24 metropolitan areas surveyed were up 14% year-over-year, compared to a nearly 16% gain one month earlier.”

“Median sale prices were higher than a year ago in all cities studied, but the year to year median price increases shrank in 19 out of 24 markets. The median sale price of about $272,000 in mid-September was also about 2% lower than in mid-August 2013.”

Baker added that further slowdowns were seen in new listing volume, pending sales volume, sold-to-list price ratios, and days on the market data for mid-September.

Baker said “The median number of days on market inched up from 28 in mid-August to 30 in mid-September, though houses are still selling faster this year than last year in every city except Phoenix.”

The following cities led on percentage median house prices growth (as of Sep. 15th, 2013):

MetroYear-Over-Year Price Growth
2)Las Vegas31%
3)Los Angeles26%
4)San Francisco Bay Area25%
7)San Diego21%
8)Orange County20%

The number of homes for sale in mid-September 2013 was 5% higher (152,198 new listings) compared to September 2012.

The following metros offered the best opportunities for those wishing to buy a home, based on listings as of September 15th, 2013.

MetroYOY Increase in New Listings
2)Tucson & Orange County15%
4)Washington, DC/Northern Virginia & Richmond, Va.11%
5)San Diego & Seattle10%
8)Chicago & Orlando7%
9)Houston & Sacramento6%
10)Los Angeles5%

Last month, MBN reported on the S&P/Case-Shiller Home Price Index which showed that house prices across America had risen by 12.4% in July, 2013, compared to July, 2012.