Published on: July 01, 2020
BY TED C. JONES, PH.D.
Each quarter the National of Association of Realtors® (NAR) reports quarterly median prices for single family home sales and condominiums for almost 200 Metropolitan Statistical Areas (MSAs). The following analysis is based on the current and prior reports from NAR on median prices of existing single family home sales.
The first table below shows the 40 MSAs with the greatest median price increase in single family existing home sales from Q1 2019 to Q1 2020. Other statistics reported included:
Topeka Kansas came in with the greatest Q1 2019 to Q1 2020 quarterly price gain at 18.3 percent. Q1 2020 median price was $135,900, while the TTM (prior four-quarter average of the medians Q2 2019 to Q1 2020) was $138,330. Prices rose 7.4 percent on TTM basis. Topeka had the 164th greatest median home price in Q1 2020 when compared to the other 180 MSAs included in the data series. The second largest gain in median price was the Boise, Idaho MSA, up 18.1 percent year-over-year. Boise had the 30th highest price in Q1 2020 (out of the 180 MSAs) at $318,200.
The next table shows the 40 MSAs with the poorest performance in price gains from Q1 2019 to Q1 2020. Seven of the 180 markets with data showed a price decline from Q1 2019 to Q1 2020. Only three MSAs posted a price drop for both Q1 2020 and the Trailing 12 Months (TTM).
Metros with the largest TTM median price gains are ranked below. Ten of the metros posted double digit percentage gains in the 12-months ending Q1 2020.
The next two tables show the 40 MSAs with the lowest and highest median home prices as of Q1 2020.
Rank of the median price was included to allow analysis between the annual price gain and the median price. Both a Pearson Product Moment Correlation Coefficient and a Spearman’s Rank Correlation Coefficient were calculated. Neither indicated a statistical relationship between price gain and median price, with the Pearson Statistic at 0.0476 and Spearman’s Statistic at 0.1141. These statistics can range from 0 (no correlation or relationship whatsoever) to 1 (in which they move perfectly and precisely together). There was no relationship in Q1 2020 median sales price changes among higher- or lower-priced housing markets.
To view NAR’s median price reports for Single Family and Condominium Sales click https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability
Attached are two PDFs. The first shows median price and percent changes sorted alphabetically by MSA. The second sorts from greatest price increase to decline, but also includes the corresponding home value. All data came from NAR.