Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report.
The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year.
"We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what's slowly happening in the larger real estate market," says Steve Berkowitz, chief executive officer of Move. "Overall, we're seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale."
California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains:
1. Sacramento, Calif.: up 42.45%
Median list price: $284,900
2. Oakland, Calif.: up 38.27%
Median list price: $495,000
3. Detroit, Mich.: up 31.73%
Median list price: $125,000
4. San Jose, Calif.: up 30.58%
Median list price: $679,000
5. Los Angeles-Long Beach, Calif.: up 27.80%
Median list price: $428,000
6. Fresno, Calif.: up 27.48%
Median list price: $219,900
7. Phoenix-Mesa, Ariz.: up 27.03%
Median list price: $235,000
8. Stockton-Lodi, Calif.: up 25.63%
Median list price: $199,750
9. Reno, Nev.: up 24.23%
Median list price: $235,900
10. Santa Barbara-Santa Maria-Lompoc, Calif.: up 24%
Median list price: $775,000
Source: realtor.com®