VITAL SIGNS INDICATOR Home Prices (EC7)

FULL MEASURE NAME Home Prices

LAST UPDATED August 2019

DESCRIPTION Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE Zillow Median Sale Price (1997-2018) http://www.zillow.com/research/data/

Bureau of Labor Statistics: Consumer Price Index All Urban Consumers Data Table (1997-2018; specific to each metro area) http://data.bls.gov

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Median housing price estimates for the region, counties, cities, and zip code come from analysis of individual home sales by Zillow. The median sale price is the price separating the higher half of the sales from the lower half. In other words, 50 percent of home sales are below or above the median value. Zillow defines all homes as single-family residential, condominium, and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that you own in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums where the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Home sales prices are not reliably available for Houston, because Texas is a non-disclosure state. For more information on non-disclosure states, see: http://www.zillow.com/blog/chronicles-of-data-collection-ii-non-disclosure-states-3783/

Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

This dataset uses data provided from Washington State’s Housing Market, a publication of the Washington Center for Real Estate Research (WCRER) at the University of Washington.

Median sales prices represent that price at which half the sales in a county (or the state) took place at higher prices, and half at lower prices. Since WCRER does not receive sales data on individual transactions (only aggregated statistics), the median is determined by the proportion of sales in a given range of prices required to reach the midway point in the distribution. While average prices are not reported, they tend to be 15-20 percent above the median.

Movements in sales prices should not be interpreted as appreciation rates. Prices are influenced by changes in cost and changes in the characteristics of homes actually sold. The table on prices by number of bedrooms provides a better measure of appreciation of types of homes than the overall median, but it is still subject to composition issues (such as square footage of home, quality of finishes and size of lot, among others).

There is a degree of seasonal variation in reported selling prices. Prices tend to hit a seasonal peak in summer, then decline through the winter before turning upward again, but home sales prices are not seasonally adjusted. Users are encouraged to limit price comparisons to the same time period in previous years.

The median sales price of single-family houses sold in Lake, Orange, Osceola and Seminole counties, Florida increased substantially in recent years. In 2023, the median sales price of single-family homes reached 443,000 U.S. dollars, up from 420,000 U.S. dollars in the previous year. A similar trend could be observed in the state of Florida.

In the United States, Hawaii was the state with the most expensive housing, with the typical value of single-family homes in the 35th to 65th percentile range exceeding 981,000 U.S. dollars. Unsurprisingly, Hawaii also ranked top as the state with the highest cost of living. Meanwhile, a property was the least expensive in West Virginia, where it cost under 167,000 U.S. dollars to buy the typical single-family home. Single-family home prices increased across most states in the United States between December 2023 and December 2024, except in Louisiana, Florida, and the District of Colombia. According to the Federal Housing Association, house appreciation in 13 states exceeded nine percent in 2023.

During the second quarter of 2024, Wicklow was the priciest county for purchasing residential real estate in Ireland. The average list price of a house in Wicklow was more nearly 431,000 euros. Notably, Dublin's city center and Kildare also joined the ranks of expensive housing areas, with average listing prices surpassing 385,000 euros and 355,000 euros, respectively. In contrast, Leitrim emerged as the most affordable place to buy residential real estate, with an average list price exceeding 198,000 euros. House prices in many counties exhibited an annual increase, with Tipperary reporting the highest, by 15 percent.

Graph and download economic data for Housing Inventory: Median Listing Price in Orange County, CA (MEDLISPRI6059) from Jul 2016 to Dec 2024 about Orange County, CA; Los Angeles; CA; listing; median; price; and USA.

The median sales price of single-family houses sold in Hernando, Hillsborough, Pasco and Pinellas counties, Florida increased substantially in recent years. In 2023, the median sales price of single-family homes reached 405,000 U.S. dollars, up from 400,000 U.S. dollars in the previous year. A similar trend could be observed in the state of Florida.

House prices grew year-on-year in most states in the U.S. in the third quarter of 2024. The District of Columbia was the only exception, with a decline of three percent. The annual appreciation for single-family housing in the U.S. was 0.71 percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded 10 percent. How have home prices developed in recent years? House price growth in the U.S. has been going strong for years. In 2024, the median sales price of a single-family home exceeded 413,000 U.S. dollars, up from 277,000 U.S. dollars five years ago. One of the factors driving house prices was the cost of credit. The record-low federal funds effective rate allowed mortgage lenders to set mortgage interest rates as low as 2.3 percent. With interest rates on the rise, home buying has also slowed, causing fluctuations in house prices. Why are house prices growing? Many markets in the U.S. are overheated because supply has not been able to keep up with demand. How many homes enter the housing market depends on the construction output, whereas the availability of existing homes for purchase depends on many other factors, such as the willingness of owners to sell. Furthermore, growing investor appetite in the housing sector means that prospective homebuyers have some extra competition to worry about. In certain metros, for example, the share of homes bought by investors exceeded 20 percent in 2024.

In October 2024, the median sales price of an existing single-family home in Del Norte, California saw an increase of nearly 30 percent, compared to the 5.8 percent increase in the state. 20 counties saw prices fall during this period. In Trinity, the median sales price of single-family homes decreased by approximately 36 percent.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Sep 2024, with an average growth rate of 5.5%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

Median price paid for residential property in England and Wales, by property type and administrative geographies. Annual data.

Graph and download economic data for Housing Inventory: Median Listing Price in Los Angeles County, CA (MEDLISPRI6037) from Jul 2016 to Dec 2024 about Los Angeles County, CA; Los Angeles; CA; listing; median; price; and USA.

VITAL SIGNS INDICATOR
Home Prices (EC7)

FULL MEASURE NAME
Home Prices

LAST UPDATED
December 2022

DESCRIPTION
Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE
Zillow: Zillow Home Value Index (ZHVI) - http://www.zillow.com/research/data/
2000-2021

California Department of Finance: E-4 Historical Population Estimates for Cities, Counties, and the State - https://dof.ca.gov/forecasting/demographics/estimates/
2000-2021

US Census Population and Housing Unit Estimates - https://www.census.gov/programs-surveys/popest.html
2000-2021

Bureau of Labor Statistics: Consumer Price Index - http://data.bls.gov
2000-2021

US Census ZIP Code Tabulation Areas (ZCTAs) - https://www.census.gov/programs-surveys/geography/guidance/geo-areas/zctas.html
2020 Census Blocks

CONTACT INFORMATION
vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator)
Housing price estimates at the regional-, county-, city- and zip code-level come from analysis of individual home sales by Zillow based upon transaction records. Zillow Home Value Index (ZHVI) is a smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range. ZHVI is computed from public record transaction data as reported by counties. All standard real estate transactions are included in this metric, including REO sales and auctions. Zillow makes a substantial effort to remove transactions not typically considered a standard sale. Examples of these include bank takeovers of foreclosed properties, title transfers after a death or divorce and non arms-length transactions. Zillow defines all homes as single-family residential, condominium and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that can be owned in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums in that the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Data is adjusted for inflation using Bureau of Labor Statistics metropolitan statistical area (MSA)-specific series. Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of the CPI itself.

The median sales price of single-family houses sold in Brevard County, Florida increased substantially in recent years. In 2023, the median sales price of single-family homes reached 359,000 U.S. dollars, up from 356,000 U.S. dollars in the previous year. A similar trend could be observed in the state of Florida.

The median sales price of single-family houses sold in Broward, Miami-Dade & Palm Beach Counties increased substantially in recent years. In 2023, the median sales price of single-family homes reached almost 593,000 U.S. dollars, up from nearly 558,000 U.S. dollars in the previous year. A similar trend could be observed in the state of Florida.

In October 2024, the median sales price of an existing single-family home in San Mateo, California was two million U.S. dollars. This was more than double the median sales price in the state of California. The most affordable county was Trinity, where an existing single family home sold for approximately 205,000 U.S. dollars.

This statistic shows the median prices of single-family houses sold in Palm Beach County from 1995 to 2011. In 2011, the median house price in the area amounted to 193,700 U.S. dollars.

Graph and download economic data for All-Transactions House Price Index for King County, WA (ATNHPIUS53033A) from 1975 to 2024 about King County, WA; Seattle; WA; HPI; housing; price index; indexes; price; and USA.

Graph and download economic data for All-Transactions House Price Index for Dane County, WI (ATNHPIUS55025A) from 1975 to 2024 about Dane County, WI; Madison; WI; HPI; housing; price index; indexes; price; and USA.

Graph and download economic data for All-Transactions House Price Index for Los Angeles County, CA (ATNHPIUS06037A) from 1975 to 2024 about Los Angeles County, CA; Los Angeles; CA; HPI; housing; price index; indexes; price; and USA.