Median Price $149,000 : Boston Area Most Expensive Housing Market in the U.S.
The Boston area was the nation’s most expensive housing market during the first three months of 1986, with a median price of $149,000 for existing homes, a trade group said Friday.
The National Assn. of Realtors’ quarterly survey found that the Louisville, Ky., area was the least expensive metropolitan real estate market, with a median price of $48,100.
New York City Next
Thirty-eight of the 43 metropolitan areas posted increases in the median resale home price between the first quarter of 1985 and the same period this year. The median is the point at which half the homes sold for more and half for less.
The Boston area was followed by the New York City area as the nation’s most expensive metropolitan housing market. The median price of homes in the New York area, which includes Long Island and northern New Jersey, was $147,200.
“Housing demand is strong throughout the Northeast, driven by increased job opportunities and more affordable interest rates,” the realtors said in a statement. “With the demand exceeding the supply of homes on the market, significant price increases are the normal result.”
Prices went up fastest in Northeastern cities, paced by the Boston area, where the annual increase was 37.2%. This was followed by a 20.5% appreciation rate in the Albany-Schenectady, N.Y., area.
Orange County RaNKED THIRD
California’s Orange County ranked third with a median of $138,000. The Los Angeles area was fourth with a median price of $120,400, followed by San Diego’s $110,000.
The $78,500 median posted in the Miami area and Minneapolis-St. Paul’s $76,300 were closest to the nationwide median of $78,200 in the first quarter.
Slumping oil prices were blamed for a 10.4% decrease in home prices in Houston and the 5.3% slide in Tulsa, Okla. Prices also declined 4.6% in Louisville, 3.2% in Portland, Ore., and 0.6% in Oklahoma City.
36% Increase in N.D.
North Dakota led the associations’ state-by-state survey with a 36% increase in the rate of existing home sales from the first quarter of 1985 to the first three months of this year.
The pace of home sales over a year ago increased in 25 states and the District of Columbia, while there were declines in 21 states, notably in Texas and Louisiana, where slumping oil prices have hurt local economies.
Three states--Rhode Island, South Dakota and Utah--reported no change in the rate of home sales. Figures for Alaska were unavailable.
California had the highest annual rate of existing home sales--395,000 units--followed by Pennsylvania’s 199,700 and New York’s 189,700.
CLIMBING HOME PRICES
Rankings of home prices in major metropolitan areas by percent change from first quarter of 1985. Prices are for resale homes as measured by the National Assn. of Realtors and the California Assn. of Realtors.
% Metropolitan Area Price change 1. Boston $149,000 37.2 2. Albany-Troy-Schen. 67,500 20.5 3. Hartford 106,400 18.0 4. New York Metro 147,200 17.8 5. Providence 71,900 14.1 6. St. Louis 68,000 11.8 7. Syracuse 59,600 11.0 8. Rochester 66,300 10.0 9. San Diego 110,000 8.9 10 Tampa-St.Pete.- Clearwater 57,500 8.3 11. Birmingham $67,100 8.2 12. Miami-Hialeah 78,500 6.9 13. Jacksonville 58,900 6.5 14. Washington 101,100 6.5 15. Columbus 62,600 6.1 16. Indianapolis 55,700 6.1 17. Buffalo-Niag.Falls 49,700 6.0 18. Baltimore 71,600 5.9 19. Nashville 68,400 5.7 20. Detroit 54,000 5.3 21. Los Angeles 120,400 5.3
