Metropolitan Home Sales Report

The NAR's quarterly report of metropolitan existing home sales was released this morning. It showed some of the usual overheated areas as still red-hot, but also showed some cooling elsewhere.

In areas like Los Angeles and San Diego, year/year growth rates continued to decline, coming in at +19% and +4%. San Francisco came in at +5%, contuing its streak of 4 quarters of declining growth. Miami falls into this boat also, coming in at +11%.

Moreover, not only are the yr/yr growth rates declining, but in LA and Miami, the median sales price actually declined last quarter for the first time in several years. This is likely indicative of the peak we have seen in the housing market.

Here are some of the hottest, and coolest cities in the report:

• Phoenix, AZ: +38.4%
• Gainseville, FL: +31.9%
• Ocala, FL: +30.8%
• Virginia Beach: +27.1%
• Daytona, FL: +25.4%
• Eugene, OR: +25.3%
• Portland, OR: +21.8%
• Boston, MA: -1.5%
• Cleveland, OH: -3.0%
• Indianopolis, IN: -2.4%