Home sellers realized a 17% average gain in price in March, the highest average gain since December 2007, according to RealtyTrac's Home Sales Report.
On average, home sellers across the U.S. sold their homes for $30,500 more than they paid for them. The biggest average price gains were seen in San Francisco, with a 72% average gain.
Other cities that experienced major price gains included San Jose, Calif., at 60%, Boulder, Colo., at 53%, and Prescott, Ariz., at 51%.
"Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom," RealtyTrac Senior Vice President Daren Blomquist said in a news release Wednesday. "That should encourage more homeowners to take advantage of the prime seller's market and list their homes for sale this year."
Other cities also saw home prices soar to new highs in March, including Denver, Austin, Texas, and Cincinnati. The median sales price of single family homes and condos in March was $210,000, 11% higher than a year ago. It was the 49th consecutive month with a median home price gain, RealtyTrac noted.
Despite the major gains seen in some cities, others experienced losses compared with their purchase prices in 19 of the markets analyzed, representing 15% of the total sample. The highest average loss occurred in Rockford, Ill., with an 11% loss, followed by Winston-Salem, N.C., with a 10% loss and Cleveland with an 8% loss.
Other markets experienced declines in home prices including Washington, D.C., and San Francisco, where prices dropped 7% and 2%, respectively.
