Newark had the country’s greatest home value appreciation in February

March 19, 2019 01:58PM

While U.S. housing prices have continued to slide, dropping to their lowest level last month since March 2012, according to a recent Redfin report, things are looking up in Newark. Redfin found that the city had a 12.2 percent year-over-year growth in its home prices in February, whereas overall home sale prices throughout the country increased by just 0.6 percent nationally last month. Newark’s median price growth increased to $330,000 in February, according to the brokerage, which noted that the national median was $287,400 that month. Buffalo, Cincinnati and Grand Rapids, Michigan, were the other cities to top Redfin’s list, as noted by Mansion Global, at 11.7, 11.3 and 9.6 percent home price growth, respectively. The brokerage’s study also found that San Francisco saw a dip in home values of 7.9 percent in February, while Bridgeport, Connecticut, experienced a 15.2 percent decline in home prices, with those in San Jose, California, dropping by 11.3 percent. Redfin said that completed home sales increased nationally in February for the first time in seven months and only the third time in the last year. A separate report released this month from GoBankingRates.com found that Newark homes listed for sale remained on the market for an average of 45 days, one of the lowest rates in the country. [Redfin]