The Good, the Bad and the Ugly
Data released by the National Associations of Realtors has taken a look at markets across the U.S. and identified which ones have shown increases and decreases in home prices in the first quarter of 2007. Nationwide, prices fell by an average of 6.6%. Here are a few local market highlights:
The Good - with an increase of:
- Seattle, WA: 12.3%
- Portland, OR: 8.9%
- Salem, OR: 15.6%
- San Antonio, TX: 11.2%
- Austin, TX: 5.4%
- Charlotte & Raleigh, NC: 6.4% and 6.3%, respectively
- Richmond & Norfolk, VA: 6.2% and 5.9%, respectively
- Albany, NY: 6.3%
- Trenton, NJ: 7.1%
- Allentown, PA: 5.8%
The Bad - with a decrease of:
- Tampa, FL - 2%
- Sarasota, Palm Bay and Daytona, FL - average of 9%
- New Orleans, LA - 11%
The Ugly
Jonathan Miller, president of Miller Samuel, a New York-based real estate appraisal and consultancy firm of lenders nationwide remarking on the current slip in home prices:
“When housing prices slip, nothing really changes until you try to sell, which is what we’ve had happen in the last couple of months,” says Miller. “I don’t think the housing slowdown has fully hit the national economy yet.”
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