Even as housing prices across the country slipped in June for the first time since 2017, there are areas where sale prices remain red hot.
Realtor.com analyzed the trends and data from the 50 largest metropolitan areas in its June report and found that it’s a mixed bag when it comes to which cities are seeing price growth.
Affordable Midwest metropolitan areas are enjoying a boost. Yet pricey coastal cities such as Los Angeles are also seeing price hikes — with the median list price in the Los Angeles metropolitan area hitting over $1 million.
Cincinnati is No.1 when it comes to increase in list price this June compared to the same month a year ago. Real estate agent Scott Oyler of Coldwell Banker in Cincinnati said the demand is outstripping the supply, causing a surge in prices.
The median list price in Cincinnati was $390,000 in June, a 20% increase from June of 2022.
But if the issue of housing affordability persists, it will continue to create barriers to homeownership, leading to weakened demand in the housing market and dampened competition, Realtor.com analysts say. As a result, home price growth is expected to decline at a modest rate of 0.6% for the year as a whole across the country after a surge in prices during the pandemic.
The median list price for a home in the United States dropped last month compared to a year ago at 0.9%, the first time since Realtor.com began its research in 2017. The national median list price was $445,000 in June, down from a record high of $449,000 in June 2022.
In the 50 largest metropolitan areas in the United States, the typical home spent 37 days on the market before it sold, 11 days more than the previous June. This trend was seen across all regions.
Here are the top 10 cities when it comes to median list price growth in June compared to a year earlier.
1. Cincinnati, Ohio, up 20%. Median list price $390,000.
2. Rochester, New York, up 19.6%. Median list price $274,000.
3. Los Angeles, California, up 17.2%. Median list price $1,172,000.
4. Hartford, Connecticut, up 17.4%. Median list price $434,000.
5. Boston, Massachusetts, up 15.5%. Median list price $866,000.
6. San Diego, California, up 15.4%. Median list price $1,005,000.
7. Providence, Rhode Island, up 14.5%. Median list price $550,000.
8. Columbus, Ohio, up 14.1%. Median list price $399,000.
9. Kansas City, Missouri, up 13.6%. Median list price $453,000.
10. Buffalo, New York, up 13.5%. Median list price $278,000.
10. Milwaukee, Wisconsin, up 13.5%. Median list price $380,000.
Trending stories at Scrippsnews.com