House Values Up 32 Percent in Last Five Years

RealtyTimes
by Lew Sichelman
October 4, 2006

Increases in housing prices have slowed drastically in many markets. But between 2000 and 2005, appreciation was fantastic, according to new data released late last month by the Census Bureau. Nationally, real median home values soared 32 percent during the five-year period. But in some markets, values rose three or four times that.

"Just about anyone who owns a home or has been in the market for one in the past few years knows first-hand how home values jumped from 2000 to 2005," said Census Bureau Director Louis Kincannon.

Among the nation's largest cities, the highest percent increase in real median home values between was in San Diego, up 127.2 percent, from $249,000 to $567,000. Values also were way up in Los Angeles (110.2 percent) and New York (79.1 percent).

In the smaller cities with a population of 65,000 or more, the highest percentage increases in real median home values were found in Boynton Beach, Fla. (120.3 percent) and Folsom, Calif. (99.5 percent).

The house price data comes from the 2005 American Community Survey, which also includes information such as occupancy, units in structure, year built, rooms, occupants per room, vehicles available, house heating fuel, value, mortgage status, gross rent, selected monthly owner costs and other characteristics that local policymakers can use to assess their community's housing needs and better plan for schools, roads and other services.

According to the survey, more than two-thirds of the nation's total occupied housing units were occupied by their owners in 2005.

Among the country's 15 largest cities, Jacksonville, Fla., had the highest percentages of owner-occupied housing units at 64.2 percent. Of the 15 largest smaller cities, Missouri City, Texas, had the highest percentage of owner-occupied units at 88.6 percent. Boynton Beach had an owner-occupancy rate of 72.9 percent and Folsom, Calif., had a rate of 71.3 percent.

Real median selected monthly owner costs for owners with mortgages have increased 5 percent nationally between 2000 and 2005, according to the survey.

Though not statistically different from each other, some of the highest increases among the largest cities in real median monthly owner costs were found in Detroit (24.1 percent), Chicago (21.7) and San Francisco (19.6). Decreases of about 10 percent in real median ownership costs were found in Bryan, Texas, and Greenville, N.C.

At the same time, the real median cost of renting a home increased nationally by 6.7 percent. Some of the highest real median rent percentage increases among the large cities were found in San Diego (27.2 percent), Detroit (22.5) and Los Angeles (15.9). However, rental costs actually decreased in San Jose, Calif. (-9.4 percent), and
Dallas (-3.0).

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