Median sales prices per square foot for two-bedroom homes ranged from $62 in Springfield, MA, representing a month-over-month decrease of 3.1%, to $427, in Santa Cruz, CA, representing a month-over-month increase of 13.7%, according to data provided by Zillow, based on metropolitan wide sales transactions in June 2009.
Sales prices per square foot are more appropriate indicators of prices and changes in prices through time than housing unit prices, because they control for variations in the sample mix in terms of the size of the properties, which has a significant impact on unit price. See the graphs below with the median sales prices per square foot in June 2009 for two-bedroom homes in major US metropolitan markets covered by Zillow data.
Median Sales Price Per Square Foot for Two-Bedroom Homes in June 2009
It is interesting to note that out of the 115 metropolitan markets for which month-over-month price changes are provided by
www.Zillow.com, 93 registered increases in the median sales price per square foot for two-bedroom homes in June 2009. The markets that registered the largest month-over-month increases ranging from 10.1% to 19.3% were Fayetteville, NC, Mobile, AL, Stockton, CA, Santa Cruz, CA, and Grand Rapids, MI. The metro area that registered the largest price drop of 11.9% was Chico, CA.
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