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Santa Monica Home Prices Post Highest Jump in Nation, Study Finds
By Jorge Casuso
November 1, 2019 -- Santa Monica saw home prices rise higher than any other large city in the nation, with the median price of a home soaring by $155,000 over the past year, according to an analysis by Forbes magazine.
The study, which is based on data sourced from the real estate site Zillow, analyzed home prices in the 500 largest U.S. cities between September 2018 and September 2019.
Santa Monica posted by far the largest increase in absolute dollars during that period -- with the median home price rising from $1,695,000 to $1,850,000.
San Francisco was a distant second, with the median home price rising by $99,500, from $1,249,500 in September 2018 to $1,349,000 this year.
But Santa Monica's home prices lagged when it came to percentage increase, which like San Francisco's was less than 10 percent.
The biggest percentage increases were posted by old industrial cities or cities away from the coast.
Rochester and Buffalo, New York -- late 19th century industrial centers that began declining by the 1950s -- posted 21.3 percent and 19.8 percent increases respectively.
Inland cities in California also posted significant percentage increases.
Chico, a city of some 86,000 residents about 100 miles north of Sacramento, saw the median home price increase by nearly 15 percent, from $339,000 to $389,000.
The median price in Madera, a city of about 61,500 residents some 25 miles north of Fresno, rose by 14 percent, from $282,450 last year to $321,900 this year.
Other cities that saw prices rise significantly were Boise and Nampa in Idaho, Beaumont and Midland in Texas and Arlington and Falls Church in Virginia.
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