According to the debut edition of the ZipRealty Housing Trends Report, median home prices in the cities examined increased 14.6% to $242,519 on a year-over-year basis, with the highest gains in San Francisco, where home prices shot up 38% as of March 15, 2013. Real estate prices in both Las Vegas and Phoenix jumped 31% during the same period.
Total housing inventory in the 24 metropolitan areas declined 34% as of March 15, 2013, as did the level of distressed home sales. The report shows 35% of the homes sold in the 2012 period were either foreclosures, short sales or REOs, compared to only 23% of the homes in 2013, a decline of 12 percentage points in the prevalence of distressed property sales. (Press Release)