Housing Recovery Party Sizzles Into Summer

Many of the nation's cities hardest hit by the housing crash of yesterday are today's home price gain leaders, as 17 of the 38 cities monitored by Movoto.com enjoyed double-digit home prices gains in May. Movoto's June 2013 State of the Market: Housing Market Primed for Sellers, reveals 33 of the 38 cities saw an increase in the median list price per square foot. Overall, the median list price per square foot for homes in the 38 cities increased by 15 percent, from $156 per square foot in May 2012 to $179 per square foot in May 2013, according to Movoto. May was the fifth straight month for an increase in the median list price per square foot. Meanwhile, again overall, the number of homes on the market in Movoto's coverage area of 38 cities dropped by almost 23 percent from about 118,000 homes on the market in May 2012 to about 91,000 homes available in May 2013.

The life of the party was Sacramento where inventories have tanked by nearly 61 percent. The capital of California saw the price per square foot jump 68.5 percent from $89 to $150, year over year ending in May.

Sacramento's wingman, Phoenix enjoyed a 49.4 percent gain with the price per square foot rising from $85 to $127 during the same period. Supplies are down 35.2 percent.

Oakland also tripped the light fantastic in May, when the price per square foot there rose 42.7 percent, from $213 to $304 per square foot, after inventories fell 42.5 percent.

What's an all-nighter without the City of Angels? Los Angeles' inventories were down nearly 35 percent on the year as square foot prices rose more than 38 percent from $318 to $440.

Rounding out the top five was two stepping Mesa, AZ stealing some of Phoenix's thunder. Mesa inventories were down nearly 30 percent on the year as square foot prices rose 36.5 percent from $85, last May, to $166 this year.

Buyers can more easily get their foot in the door in only a few major cities, that didn't make it to the home price gain party - Philadelphia (prices down about 1 percent on the year); Charleston (minus 2.2 percent); New Orleans (negative 3.3 percent); Cleveland (off by 4 percent) and Chicago (down 11.6 percent). See RealtyTimes.com's Market Conditions Reports for boots-on-the-ground information about a host of cities Written by Broderick Perkins Thinking about Buying or Selling? Call Alvin's Team Today! 877-651-7810 Or visit our website: www.LivingLakeTahoe.com