U.S.Cities See Home Prices Per-Square-Foot Jump 10.4% Year-Over-Year

U.S.Cities See Home Price Per-Square-Foot Jump 10.4% Year-Over-YearA review of 38 U.S. cities found that 33 of them saw the median list price per-square-foot increase during the 12-month period between December 2012 and December 2013.
Of the cities with increases, 17 saw double-digit gains, according to the Movoto Real Estate’s monthly state of the market report.
Across all the cities, the median list price per square foot index increased from $159 in December 2012 to $176 in December 2013, a gain of 10.4 percent, Movoto reports.
Generally, the list price per square foot for homes increased by double-digit percentage points during 2013. But, the rate at which homes gained value slowed starting in June. The 12-month period between December 2012 and December 2013 saw one of the smallest gains of the year.
From November to December 2013, the median list price per square foot dropped by $3, going from $179 to $176, but that’s not unusual. Typically, home prices remain flat or decline between November and December.
The cities that saw the largest gains by percentage were:
Boston: The value for a home in Boston increased by about 27 percent in the past year, going from $361 in December 2012 to $458 in December 2013.
Sacramento: The median list price per square foot for a home in Sacramento increased by about 21 percent in the past 12 months. The price rose from $123 in December 2012 to $149 in December 2013.
Phoenix: Phoenix home prices increased by about 20 percent in the past year. The median list price per square foot increased from $101 to $121 from December 2012 to December 2013.
State of the Real Estate Market January 2014 By Movoto

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