- 4 August, 2004 -

The National Association of Realtors (NAR) recently reported that median home prices in the United States rose a whopping 9.1% in the second quarter of 2004 compared to that of the second quarter last year. According to the NAR, the median value for a home is now $183,800. Leading the way for such a dramatic increase in median home price is Las Vegas, where median home values rose 52.4% to $269,900. Orange County, CA, in suburban Los Angeles, saw a 39% increase driving its median home prices to $655,300, making it higher than that of homes in the San Francisco Bay area (median home price $647,300) for the first time in history. Of the 128 metropolitan areas covered in this NAR survey, these two in California had the highest median home prices. The lowest median home prices were in South Bend/Mishawaka, OR ($93,800) and Syracuse, NY ($94,700). In South Bend, the values rose 3.1% and in Syracuse, they were up 2%. A few of these metropolitan areas actually saw a drop in median home values. The biggest decline was in Knoxville, TN, where home values went down 7% to $131,400.

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