Real estate brokerage company Zip Realty (ZIPR) announced its latest home price report Tuesday, revealing an 11% increase in the U.S. median home sales prices year-over-year.
The median home sales price hit $211,312, up from $190,000, the median price in 2011.
The National Association of Realtors also released its existing home sales report this week, which showed an average increase of 6.3% nationwide. However, for the 33 markets that ZipRealty and their partners serve, the average home sales price increased even more.
Phoenix and South Florida reported the highest gains, with Phoenix prices up 20% from $112,329 to $145,000 and Miami prices jumping 23% from $126,000 to $155,000.
Chicago was the only market that dipped, dropping 3% from $165,000 to $160,000 at the year’s end.
“The metros that suffered the most during the real estate downturn – South Florida and Phoenix – have exhibited the greatest improvement recently,” according to Jamie Wilson, senior vice president of technology at ZipRealty
These metros, which were characterized by a high volume of housing market distress in the form of foreclosures, are now seeing that trend reverse itself with greater volumes of regular re-sale activity even in many of the hardest hit markets.
“We expect to see housing values appreciate steadily, albeit gradually, with the strongest growth in coastal markets like San Francisco and parts of Florida,” noted Lanny Baker, chief executive officer and president of ZipRealty. “Home sellers who have delayed putting their home up for sale in recent years may consider whether 2013 is finally the year to take advantage of improving macroeconomic conditions and a healthier real estate market.”
Click on the image below to see ZipRealty's full home price index report.