REITs, Your Home, and the Asset-Allocation Decision  Page 3

Median Home Prices for U.S. Metropolitan Areas
(Thousands $) from 1988-1999
Metropolitan Area 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Akron, OH PMSA #N/A 64.5 67.7 71.8 79.3 83.2 84.9 92.1 98.8 105.9 106.1 104.9
Albany-Schenectady-Troy, NY 92.2 104.9 106.9 110.3 111.4 112.3 112.0 105.9 106.9 105.3 107.0 106.1
Albuquerque, NM 80.4 83.0 84.5 86.8 92.0 100.4 110.0 117.0 122.3 126.7 128.2 130.3
Amarillo, TX 54.6 55.0 N/A 57.5 58.1 63.2 64.5 71.0 73.7 76.8 79.3 81.4
Anaheim-Santa Ana, CA PMSA(Orange Co.) 203.9 241.7 242.4 239.7 230.9 217.2 211.0 208.4 213.4 229.8 261.7 281.5
Appleton, WI 58.0 60.4 63.3 66.4 71.0 75.4 80.6 85.1 85.8 88.2 92.6 93.3
Atlanta, GA N/A 84.0 86.4 87.6 89.5 91.8 93.6 97.5 100.7 108.4 115.4 123.7
Atlantic City, NJ 104.8 112.7 111.8 110.6 109.1 106.7 107.6 107.0 108.0 109.7 112.8 117.0
Aurora-Elgin, IL 71.8 88.2 107.2 114.4 118.8 121.7 124.4 131.6 137.0 141.8 146.2 151.9
Austin/San Marcos, TX N/A N/A N/A N/A 83.8 91.3 96.2 101.4 108.1 N/A 121.1 128.6
Baltimore, MD 88.7 96.3 105.9 110.1 113.4 115.7 115.4 111.3 113.0 118.2 120.6 127.4
Baton Rouge, LA 64.7 63.8 64.9 69.4 73.6 75.9 77.4 84.6 87.8 92.3 98.1 103.6
Beaumont, TX 48.8 52.8 53.6 57.5 61.5 63.2 65.0 62.7 68.1 69.0 73.8 76.3
Biloxi-Gulfport, MS 56.4 59.2 57.6 58.2 62.4 67.2 70.9 73.1 78.3 81.1 86.0 92.2
Birmingham, AL 75.7 78.5 80.8 86.0 90.9 96.5 100.2 103.6 114.1 118.9 122.7 127.1
Boise, ID 60.5 64.5 69.2 76.8 83.1 91.4 99.0 98.9 101.2 102.5 109.2 123.9
Boston, MA PMSA 181.2 181.9 174.1 170.1 171.1 173.2 179.3 179.0 189.3 229.0 258.4 290.0
Bradenton, FL 66.1 68.1 69.6 N/A 82.1 86.5 88.3 91.0 95.1 94.9 107.3 117.2
Buffalo-Niagara Falls, NY CMSA 65.6 72.5 77.2 79.7 81.7 83.5 82.3 81.3 82.9 82.0 84.2 81.4
Canton, OH 57.4 58.4 62.1 67.3 71.1 75.4 77.5 84.0 89.3 94.3 N/A N/A
Cedar Rapids, IA 50.9 54.0 59.0 62.9 71.9 78.0 82.8 86.2 91.2 94.8 102.3 105.8
Champaign, IL 63.1 66.1 66.8 65.9 66.6 69.7 74.1 79.4 79.8 84.5 90.1 90.6
Charleston, SC 73.1 74.5 76.2 79.4 82.3 89.9 91.6 94.3 94.9 103.6 120.0 131.7
Charleston, WV 63.4 65.9 62.0 65.7 70.3 74.8 78.6 81.7 90.4 N/A N/A N/A
Charlotte-Gastonia-Rock Hill, NC-SC N/A 88.1 93.1 101.4 102.2 106.1 106.5 107.8 116.8 124.2 134.0 138.2
Chattanooga, TN-GA 63.5 65.4 68.0 70.8 73.0 73.6 77.5 82.8 89.5 92.2 97.7 99.1
Chicago, IL PMSA 89.0 107.0 116.8 131.1 136.8 142.0 144.1 147.9 153.2 158.9 166.8 171.2
Cincinnati, OH-KY-IN PMSA 69.7 75.8 79.8 84.9 88.6 91.4 96.5 100.4 104.8 110.5 116.3 119.9
Cleveland, OH PMSA 69.2 75.2 80.6 86.2 90.7 95.0 98.5 104.7 111.9 116.8 121.8 125.1
Colordo Springs, CO N/A N/A N/A N/A 86.9 93.7 104.2 114.7 126.6 130.5 138.5 144.9
Columbia, SC 69.7 73.9 77.1 80.5 84.7 85.1 86.6 91.0 93.4 99.1 104.6 109.5
Columbus, OH 72.6 77.9 81.6 85.2 91.0 91.8 94.8 99.1 108.2 117.6 121.7 125.0
Corpus Christi, TX 64.9 64.9 63.2 64.3 67.5 70.5 74.1 77.6 79.6 81.8 84.0 85.0
Dallas, TX PMSA 90.8 93.4 89.5 88.3 91.3 94.5 95.0 96.4 103.5 112.0 120.4 N/A
Davenport/Moline/Rock Island, IA, IL N/A N/A N/A N/A 54.8 58.3 61.8 66.2 69.4 72.6 78.6 82.8
Dayton-Springfield, OH 63.3 68.7 71.6 76.3 81.2 82.1 84.2 88.3 95.1 96.7 102.8 104.1
Daytona Beach, FL 62.6 63.4 64.1 66.3 66.2 67.8 69.0 69.6 73.3 75.5 79.0 84.5
Denver, CO PMSA 81.8 85.5 86.4 89.1 96.2 104.7 116.8 127.3 133.4 140.6 152.2 171.3
Des Moines, IA 55.8 57.5 60.5 68.2 73.0 78.8 81.7 87.0 92.4 98.9 106.6 110.5
Detroit, MI PMSA 73.1 73.7 76.7 80.6 81.3 86.0 87.0 98.2 111.4 119.6 132.6 140.0
El Paso, TX 59.6 63.1 63.6 66.0 67.5 71.8 75.3 72.3 76.2 75.9 78.1 78.1
Eugene-Springfield, OR 54.9 59.3 66.6 73.7 79.7 84.4 96.2 104.9 116.2 119.4 124.4 129.5
Fargo, ND 61.4 62.4 64.0 67.2 70.7 75.5 77.6 82.9 83.2 86.0 91.5 93.4

Ft. Lauderdale-Hollywood-Pompano Bch, FL PMSA

81.1 83.9 92.6 96.2 99.1 103.1 103.1 105.9 112.3 123.7 128.6 136.1
Ft. Myers-Cape Coral, FL 62.7 66.6 69.3 71.3 71.1 77.1 77.8 77.7 78.7 85.7 88.8 94.4
Ft. Wayne, IN N/A N/A N/A N/A N/A N/A N/A 77.1 80.1 85.8 88.0 92.2
Ft. Worth-Arlington, TX PMSA 73.3 79.9 76.7 77.6 80.2 82.9 82.5 83.7 86.5 91.8 N/A N/A
Gainesville, FL 66.0 66.8 73.7 74.9 79.1 82.9 84.6 89.9 93.6 99.6 104.2 108.0
Gary-Hammond, IN 54.5 58.6 63.8 70.3 76.1 82.8 87.2 91.6 95.0 97.3 105.6 107.1
Grand Rapids, MI 57.9 64.2 68.3 70.7 73.1 76.5 76.9 80.6 87.2 93.6 100.2 106.7
Green Bay, WI 57.9 59.3 N/A 66.1 72.9 81.5 86.6 89.5 96.1 100.9 109.0 107.6
Greensboro/Winston Salem/High Point,NC N/A N/A 87.1 86.1 88.4 94.7 96.6 102.5 112.7 117.3 123.5 124.8
Greenville-Spartanburg, SC 65.9 68.6 73.9 77.5 82.9 84.9 87.4 92.4 105.5 112.8 113.1 113.8
Hartford, CT PMSA 167.6 165.9 157.3 148.2 141.1 135.3 133.4 133.4 139.2 138.1 142.8 150.7
Honolulu, HI 210.0 270.0 352.0 340.0 349.0 358.5 360.0 349.0 335.0 307.0 297.0 290.0
Houston, TX PMSA 61.8 66.7 70.7 74.0 80.3 80.9 80.5 79.2 84.7 90.9 97.5 105.3
Indianapolis, IN 66.1 71.2 74.8 79.1 83.7 86.6 90.7 94.6 98.0 103.7 108.4 110.9
Jackson, MS N/A N/A N/A 68.5 69.1 73.0 75.6 77.3 85.0 88.3 93.2 95.1
Jacksonville, FL 67.7 69.3 72.4 73.7 76.8 77.1 81.9 83.1 88.4 86.4 95.0 95.2
Kalamazoo, MI 53.2 57.2 60.4 64.9 69.6 71.1 74.8 82.2 90.0 97.2 102.3 110.9
Kansas City, MO-KS 70.5 71.6 74.1 76.6 79.5 83.6 87.1 91.7 98.8 106.8 114.0 120.7
Knoxville, TN 67.0 71.1 75.4 78.8 80.1 85.3 89.2 93.6 98.7 99.9 105.0 108.3
Lake County, IL N/A 94.5 107.2 113.9 119.6 130.1 130.8 136.2 144.7 153.5 159.4 164.0
Lansing-E.Lansing, MI 56.6 59.8 63.3 66.7 69.9 73.2 75.5 79.8 84.7 89.6 100.2 105.2
Las Vegas, NV 78.8 85.7 93.0 101.4 104.3 108.2 110.5 113.5 118.5 123.2 128.2 130.8
Lexington-Fayette,KY 73.5 77.0 75.0 75.6 78.7 82.5 87.5 90.8 95.7 100.6 108.3 111.9
Lincoln, NE 55.5 57.0 60.4 62.7 67.7 72.5 76.6 82.5 87.2 92.8 98.6 101.0
Little Rock-N. Little Rock, AR 63.9 63.7 64.8 67.5 N/A N/A 75.0 79.0 83.7 85.6 91.3 91.2
Los Angeles-Long Beach, CA PMSA 178.9 214.8 212.1 218.9 210.8 195.4 189.1 179.9 172.9 176.5 192.6 205.3
Louisville, KY-IN 54.5 58.4 60.8 65.4 69.5 74.5 80.5 86.4 91.3 96.8 106.1 109.7
Madison, WI 72.0 76.5 82.3 87.7 94.9 104.6 116.0 124.5 122.2 126.8 131.8 136.5
Melbourne-Titusville-Palm Bay, FL 68.1 69.9 72.2 72.0 74.8 75.3 76.7 78.2 81.6 85.9 86.1 90.3
Memphis, TN-AR-MS 76.3 78.1 78.1 82.5 85.3 87.0 86.3 86.5 96.1 103.7 109.8 111.3
Miami-Hialeah, FL PMSA 82.9 86.9 89.3 93.7 97.1 98.8 103.2 107.1 113.2 117.7 121.5 134.6
Milwaukee, WI PMSA 74.5 79.6 84.4 90.0 97.0 104.1 109.0 114.7 119.4 125.3 132.9 135.3
Minneapolis-St. Paul, MN-WI 85.2 87.2 88.7 91.1 94.2 98.2 101.5 106.8 113.9 118.4 128.0 138.7
Mobile, AL 53.0 56.7 59.1 60.8 64.8 68.2 69.9 75.1 83.2 87.2 92.8 93.3
Montgomery, AL 64.5 68.8 69.3 76.2 79.7 83.2 82.2 85.8 90.1 94.1 98.3 99.1
Nashville, TN 77.6 79.9 81.8 86.9 88.8 90.4 96.5 107.3 112.7 115.2 116.7 116.4
New Haven-Meriden, CT 169.4 163.4 153.3 153.2 145.8 142.5 139.6 135.1 133.3 134.1 137.8 145.7
New Orleans, LA 73.1 70.6 67.8 71.8 73.6 76.8 76.9 78.0 87.0 93.3 102.1 109.1
NY: New York-North NJ-Long Island, NY CMSA 183.8 183.2 174.9 173.5 172.7 173.2 173.2 169.7 174.5 177.9 188.1 203.2
NY: Bergen-Passaic, NJ PMSA N/A 204.5 187.7 187.1 187.6 188.4 192.7 190.1 199.4 205.4 213.5 221.8
NY: Middlesex-Somerset-Hunterdon, NJ PMSA N/A 167.0 161.7 158.4 168.9 168.8 170.7 171.4 175.9 176.7 184.2 196.8
NY: Monmouth-Ocean, NJ 134.5 134.3 137.2 134.4 139.2 137.1 137.0 137.2 144.7 147.7 152.6 164.4
NY: Nassau-Suffolk, NY PMSA 174.4 172.0 161.0 159.2 158.6 159.2 159.3 155.3 159.8 164.0 175.4 190.4
NY: Newark, NJ 189.0 187.8 187.0 178.8 184.4 185.1 187.3 185.1 N/A 193.0 199.2 212.0
Norfolk-Va.Beach-Newport News, VA N/A N/A N/A 91.7 94.8 98.2 103.8 104.4 110.2 N/A 109.4 113.5
Ocala, FL N/A N/A N/A 56.1 56.2 57.8 59.5 61.4 63.6 64.3 69.9 70.6
Oklahoma City, OK 56.2 53.5 53.2 57.0 61.6 64.9 66.7 70.4 74.6 77.0 82.7 84.2
Omaha, NE-IA 59.5 60.6 63.0 66.5 69.4 72.7 75.6 83.0 88.3 93.6 101.7 109.4
Orlando, FL 79.1 79.8 82.8 86.3 87.6 90.1 90.7 89.2 92.4 94.5 98.8 105.3
Pensacola, FL N/A N/A N/A 64.9 67.2 71.9 76.4 79.5 84.5 88.9 93.3 98.9
Peoria, IL 45.0 46.8 50.4 55.8 59.1 63.2 67.9 70.1 74.5 79.7 83.3 86.2
Philadelphia, PA-NJ PMSA 102.4 103.9 108.7 118.4 117.0 118.0 119.5 118.7 126.5 126.3 129.7 124.8
Phoenix, AZ 80.0 78.8 84.0 85.5 86.8 89.1 91.4 96.8 105.3 113.7 120.2 126.4
Pittsburgh, PA PMSA 63.2 65.8 70.1 74.2 78.6 82.2 80.7 82.1 84.8 87.0 89.0 89.9
Portland, ME N/A N/A N/A N/A N/A N/A N/A N/A 91.0 94.5 98.1 108.4
Portland, OR PMSA 64.4 70.1 79.5 88.5 97.7 106.0 116.9 128.4 141.5 152.4 158.1 165.0
Providence, RI PMSA 130.6 130.2 127.9 124.3 118.5 116.3 116.4 115.6 118.1 119.6 124.4 128.8
Raleigh-Durham, NC 97.0 103.6 N/A 100.8 105.9 109.2 115.2 127.0 145.4 152.8 159.8 165.0
Reno, NV 96.6 102.6 109.7 115.1 117.9 126.3 133.6 137.1 140.0 143.4 147.2 150.6
Richland/Kennewick/Pasco, WA 55.5 56.0 61.6 70.3 84.2 101.9 111.3 100.9 101.3 102.6 N/A 109.1
Richmond-Petersburg, VA N/A N/A 87.5 92.5 93.9 94.1 95.4 103.1 108.7 114.2 122.0 128.5
Riverside-San Bernadino, CA PMSA 106.7 124.1 132.1 135.4 136.2 134.4 129.1 120.9 115.2 114.3 121.5 128.7
Rochester, NY 75.7 78.5 79.8 81.5 84.7 84.8 85.6 85.0 86.2 86.8 89.0 87.7
Rockford, IL 58.3 62.7 68.9 71.2 75.7 81.3 84.9 87.5 88.7 88.8 93.0 94.6
Sacramento, CA 94.6 111.7 137.5 135.5 134.0 129.2 124.5 119.5 115.3 116.1 125.6 133.8
Saginaw-Bay City-Midland, MI 44.3 46.9 48.1 51.5 N/A 58.3 58.9 61.5 66.4 71.3 78.1 81.9
Saint Louis, MO-IL 78.1 76.9 76.7 79.4 83.2 84.8 85.0 87.7 91.2 96.9 101.7 102.9
Salt Lake City-Ogden, UT 67.7 69.4 69.4 72.8 76.5 84.9 98.0 113.7 122.7 128.6 133.5 137.9
San Antonio, TX 65.0 64.2 63.6 64.9 70.4 77.0 78.2 80.8 84.9 86.8 88.7 91.1
San Diego, CA 153.4 181.9 183.2 187.5 183.1 176.9 176.0 171.6 174.5 185.2 207.1 231.6
San Francisco, CA Area 212.9 260.7 259.3 258.5 259.3 254.4 255.6 254.4 266.7 286.2 321.7 365.3
Sarasota, FL 78.9 85.0 89.8 89.0 93.2 94.1 97.0 104.5 107.7 114.1 123.1 134.8
Seattle, WA 94.0 115.0 142.0 143.1 145.7 150.2 155.9 159.0 164.6 171.3 175.3 N/A
Shreveport, LA N/A 61.6 61.4 64.0 66.3 69.0 70.2 72.5 77.6 78.2 84.0 83.2
Sioux Falls, SD 55.1 56.7 57.8 63.6 69.0 74.8 80.1 84.2 87.4 90.2 N/A N/A
South Bend-Mishawaka, IN 49.1 52.2 56.5 59.1 62.9 63.6 64.7 69.3 76.7 78.1 82.6 86.7
Spokane, WA 51.1 52.4 55.5 64.5 76.3 85.5 94.6 98.4 101.2 102.7 102.6 106.8
Springfield, IL N/A N/A 61.1 66.6 67.7 72.6 75.8 79.1 82.1 83.8 86.1 86.1
Springfield, MA 122.0 125.0 120.0 117.1 115.1 112.4 107.7 106.1 106.0 106.5 110.9 114.6
Springfield, MO N/A N/A N/A N/A 62.8 68.1 73.0 78.3 79.2 82.2 84.6 85.8
Syracuse, NY 74.6 79.3 80.7 77.7 80.4 84.7 83.1 81.2 79.1 79.0 79.6 82.1
Tacoma, WA 70.1 75.3 85.9 98.2 107.8 113.5 118.9 121.4 125.4 N/A N/A N/A
Tallahassee, FL N/A N/A N/A 84.3 87.3 92.5 97.8 99.8 109.8 111.7 114.6 117.8
Tampa-St.Petersburg-Clearwater, FL 65.6 71.9 71.4 71.3 72.6 75.0 76.2 78.3 81.3 83.9 89.3 94.0
Toledo, OH 58.4 60.8 62.8 68.8 71.5 72.3 73.8 77.6 84.2 87.3 94.5 98.1
Topeka, KS 53.2 56.1 57.6 58.2 64.7 67.5 63.3 68.2 73.9 77.0 78.3 80.2
Trenton, NJ N/A N/A 145.1 147.5 138.1 133.4 131.3 129.0 136.4 137.7 139.5 144.2
Tucson, AZ N/A N/A N/A N/A N/A 88.2 95.4 100.5 105.5 106.8 112.6 117.7
Tulsa, OK 65.0 62.6 63.9 65.4 68.3 71.3 74.1 78.5 82.2 84.6 89.3 92.8
Washington, DC-MD-VA 132.5 144.4 150.5 156.7 157.8 158.3 157.9 156.5 160.7 166.3 172.1 176.5
Waterloo/Cedar Falls, IA 33.7 36.1 41.3 45.4 47.2 50.5 53.1 56.5 60.6 65.2 69.3 74.8
West Palm Bch-Boca Raton-Delray Bch, FL 99.0 102.6 108.0 116.3 114.1 114.6 117.6 121.3 126.6 133.4 126.6 131.0
Wichita, KS 60.1 62.0 62.4 65.9 68.6 71.4 73.7 76.5 80.7 83.2 89.3 91.5
Wilmington, DE-NJ-MD 97.9 104.8 109.8 116.5 117.2 N/A N/A 123.6 120.3 123.7 123.9 120.6
Worcester, MA 147.5 141.5 136.8 N/A 128.0 129.0 130.6 130.1 131.2 N/A N/A 117.0
Youngstown-Warren, OH 46.9 48.6 51.1 54.5 57.6 61.2 63.1 65.0 69.7 73.9 77.7 76.1

Source: National Association of Realtors

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