The price of homes in some major American metro areas continued to rise in March 2013, according to ZipRealty's first ever bi-monthly Housing Trends Report. The new measure by the real estate listing site analyzed a variety of factors in 24 U.S. cities including median housing prices, new listings, pending sales and total housing inventory among others.
According to the report, housing prices increased 14.6 percent over March 2012 to a median price of $242,519. Accompanying the uptick in prices was an average decline of housing inventory of 34 percent across metro areas. The number of homes in foreclosure also declined in most U.S. metro areas, also by an average rate of 34 percent.
"A springtime bloom for housing has median home sales price rising in nearly every market,and homes are selling closer to their listing price as pent-up housing demand blossoms across the United States," says ZipRealty president and CEO Lanny Baker.
California saw the largest gains in home price and the sharpest decline in properties on the market according to the report. San Francisco lead the nation in price increases, while state capitol Sacramento saw the largest plunge in home inventories.
Home are also selling faster, noted Baker. In seven of the metro areas analyzed, almost a quarter of homes were sold within seven days of appearing on the market.