While home-price growth in the U.S. has slowed to its slowest pace since 2012, up an average of 4.4 percent, year-over-year, the median single-family home sale price within the San Jose metro area, which includes Sunnyvale and Santa Clara, increased 11.3 percent from the first to second quarter of 2014.
And with a median sale price of $899,500 for existing single-family homes, San Jose remains the most expensive major metropolitan housing market in the United States, according to the National Association of Realtors.
The San Francisco metropolitan area, which includes Oakland and Fremont, remains the second most expensive housing market in the U.S. with a median single-family home sale price of $769,600, 13.2 percent higher than in the first quarter of the year.
Honolulu, which was the most expensive metro area in 2011 and the third most expensive last quarter, slipped to fourth most expensive with a median price of $678,500, passed by the Anaheim/Santa Ana, California metro area at $691,900. San Diego rounded out the top five most expensive housing markets with a median price of $504,200.
The five lowest-cost major metropolitan areas in the second quarter of the year were Youngstown Ohio (median single-family home sale price of $78,600); Rockford, Illinois ($85,300); Elmira, New York ($87,800); Decatur, Illinois ($90,900); and Toledo, Ohio ($95,900).