Listing Prices Rise in Large Metro Areas
Posted by TheHomeCart.com on Monday, April 20th, 2009 at 11:15pm.Asking prices rose 1.1 percent in March according to Altos Research’s latest 10-city composite index. The reason for the increase in median listing prices, BusinessWeek.com writer Prashant Gopal clarifies, is that the more expensive ones are lingering on the market while less expensive ones are selling.
“It implies some amount of stability in that the bottom is not falling as much,” said Mike Simonsen, co-founder and CEO of Altos Research.
In the cities of Los Angeles, Houston, Boston, San Diego and San Francisco, asking prices rose more than 2 percent. In contrast, Salt Lake City had a monthly drop of 4 percent in its median listing price.
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