Nationwide, median asking prices continue to rise, reaching $189,900 in February. Meanwhile, inventories of for-sale homes on the market are reaching record lows, Realtor.com reports in its latest analysis of February MLS data.
The markets seeing some of the largest increases in asking prices are the areas seeing some of the largest declines in inventories. California housing markets continue to post some of the largest price increases in the past year, but other strong performing markets also include Phoenix, Seattle, and Denver.
The following are the seven metros that have seen the largest increases in median asking prices in the past year:
- Median list price: $279,900
- Year-over-year increase: 40.30%
Santa Barbara-Santa Maria-Lompoc, Calif.
- Median list price: $689,950
- Year-over-year increase: 38.01%
- Median list price: $419,000
- Year-over-year increase: 30.93%
San Jose, Calif.
- Median list price: $607,000
- Year-over-year increase: 29.45%
- Median list price: $769,000
- Year-over-year increase: 25.71%
- Median list price: $218,000
- Year-over-year increase: 24.64%
- Median list price: $188,900
- Year-over-year increase: 21.87%