Report: Growth in Home Prices Slowing

While still improving, the pace at which median home prices rose in the 24 metropolitan areas measured in ZipRealty's (NASDAQ: ZIPR  ) monthly survey for the month ended Sept. 15 slowed compared to last year.  There was an average gain of 14% in September, which is down from August's 16% YOY jump in home prices, ZipRealty said today in its latest report.

ZipRealty president and CEO Lanny Baker commented in a statement, "Median sale prices were higher than a year ago in all cities studied, but the year-to-year median price increases shrank in 19 out of 24 markets." ZipRealty is a national real estate brokerage and related marketing technology provider. 

The median sales price nationally in mid-September was $272,000, according to the survey, down about 2% from August's figure. The median number of days homes stayed on the market showed a slight increase, rising to 30 days from the previous month's 28-day average, ZipRealty said.

Sacramento, Las Vegas, and Los Angeles claimed the three highest median home price increases of the 24 markets surveyed during the period, rising 33%, 31%, and 26%, respectively. Of the remaining seven of the top 10 most improved regions, four are on the West Coast with three in California, led by San Francisco's 25% gain. Portland, Ore., was ninth on ZipRealty's list with a 15% improvement. Phoenix, Orlando, and Chicago placed fifth, sixth, and 10th.

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