The cooling housing market is entering the Winter doldrums and the timing is not very good.
The list home price per-square-foot on a year-over-year basis has risen significantly each month throughout the year, according to Movoto’s monthly real estate report.
However, the rate at which the median price per-square-foot (PSF) has increased each month for homes in Movoto’s index has steadily dropped throughout the year.
In August, the list price PSF increased by 13.2 percent, in September by 12.6 percent, and in October by 12.1 percent.
In November, the median price PSF jumped 10.9 percent.
“This is a sign that prices are starting to level out,” writes David Cross on Movoto’s blog. “As a result, homeowners can expect lower year-over-year gains in 2014.”
Movoto looked at 38 geographically diverse cities to determine total inventory levels and median price PSF index.
When compared to the same time a year ago, the median price PSF across the homes tracked went from $161 to $179.
Overall, 34 of the 38 cities tracked saw an increase in price PSF. Three cities had prices decrease, and one remained flat.
The cities that saw the greatest increase by percentage were:
Phoenix, AZ: The median price per square foot for a home in Phoenix increased by 24.7 percent in the past 12 months. In October 2012, homes in Phoenix sold from $97 per square foot. This figured increased to $121 per square foot last month.
Miami, FL: The median price per square foot for a home in Miami was $187 at the end of October, an increase of 20.6 percent. In October 2012, homes in the city cost $155 per square foot.
Boston, MA: A home in Boston was worth $435 per square foot at the end of last month, up from $361 the year before. This is an increase of 20.5 percent.
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