Average Home Values Increase 3.9 Percent

The value of most Americans’ homes is rising faster than inflation, except in such Northeastern cities as Hartford, Conn., and Syracuse, N.Y., and a few other scattered metro areas.

Nationally, the median price of existing homes increased by $4,700 to $123,700 in the April-June quarter, meaning half sold for more and half for less, the National Association of Realtors said Tuesday.

The 3.9 percent gain from the same quarter a year ago was well ahead of the 2.3 percent inflation rate during the period.

Of 133 metropolitan areas surveyed by the Realtors, only 25 reported price declines.

In Spokane, prices rose an average of 2.3 percent to $103,300. Among Northwest cities surveyed, the biggest increase was in Portland, where prices rose 8.4 percent to $151,100, followed by Seattle, with a 5.6 percent increase to $172,900. Prices rose 2 percent in Richland to $101,300, and edged up 0.3 percent in Boise to $101,500.