Monday, April 13, 2009

San Francisco Median Listing Prices Rise

Housingwire reports Listing Prices on the up in Most Markets

During March, home listing prices rose 1.1%, increasing in 16 of the nation’s major housing markets, according to data released Monday by Altos Research LLC and Real IQ. Prices dropped, however, on a month-on-month basis in eight other American cities.

The report finds that listing price increases are tracking a shift toward the higher-end properties on the market. The median price of the listings absorbed was only $432,000 as less expensive properties come off the market, and more expensive properties come on the market, the median price climbs, the report said. Additionally in March, the median price for new listings in Altos’ separate 10-City Composite Index was $460,000.

…7 markets — New York, Boston, Houston, Los Angeles, San Diego, Miami and Charlotte — show sequential price increases for the last three months. Prices rose at the fastest rate in San Francisco which experienced a jump of 3.8%.

This finding makes perfect sense. As foreclosures have been slowed for the last 6 months or so, there are fewer, lower-end properties for sale. And, higher-end properties are sitting, not selling.