While falling home prices have been reported in many areas across the country, some areas are reporting competition between buyers, where homes are selling for more than their list prices, meaning that people moving into those areas may have to pay more than advertised.
According to a report by ZipRealty
, which compared the average list price with the average eventual selling price, homes in Chicago's Greater Grand Crossing neighborhood are the "hottest," and actually sell for 8.6 percent more than the listing price. Homes in many other areas are also being sold for more than the list price, including parts of Oakland, California, Fort Lauderdale and North Las Vegas.
Other areas showed the opposite trend, where buyers had a much more distinct advantage. Durham, North Carolina was home to the "coldest" housing market in the country, with sellers in one part of the city getting an average of just 80.9 percent of their list price - making relocation difficult for many families there. Sections of Palm Beach, Florida, and Philadelphia, Pennsylvania also had very large price reductions.
Nationwide, home prices have begun to stabilize after dropping for many recent months. According to the National Association of Realtors, the median home price in August increased by 0.8 percent compared to August 2009.