The National Association of Realtors found that metros where the median list price for a home is $400,000 or below are showing the strongest price gains.
Meanwhile, many metros where median home prices are $700,000 or above are seeing prices drop, including San Jose-Sunnyvale-Sta. Clara, Calif. (- 8.4% y/y); San Jose-San Francisco-Oakland, Calif. (-4.1% y/y); Los Angeles-Long Beach-Anaheim, Calif. (-1.2%y/y), and Bridgeport-Stamford-Norwalk, Conn. (-4.9% y/y).
In the less expensive metro areas where the median list price is at $400,000 or less, home prices are still appreciating, and in 17 areas, list prices are up by double-digit from one year ago: Winston-Salem, NC (15.8%), Columbia, SC (13.8%), Milwaukee-Waukesha-West Allis, IL (12.8%), Chattanooga, GA (12.7%), Spokane-Spokane Valley, WA (12.1%), Rochester, NY (11.9%), Kansas City, MO (12.3%), El Paso, TX (11.4%), Toledo, OH (10.8%), Boise, ID (10.7%), Worcester, MA (10%).
