| |
New Home Price Data for Metros
28 Feb 08
Fourth-quarter data show that price erosion intensified across metros.
The existing median home price data, released by the National Association of Realtors (NAR) for the fourth quarter of 2007, show that all but 11 of the 145 metro areas covered by NAR saw quarter-to-quarter declines from the third quarter to the fourth quarter of 2007. This represents a significant increase in price erosion compared to the third quarter of 2007, in which 80 metros still recorded appreciation quarter-to-quarter. Of the 11 metro areas that saw appreciation in the fourth quarter, only six had consecutive gains in the third and fourth quarters: Kennewick-Richland-Pasco and Yakima in Washington, Oklahoma City, OK, Syracuse, NY, Atlantic City, NJ, and Raleigh, NC.. Aside from the latter two metros, the 11 metros reporting appreciation in the fourth quarter were in the more affordably priced-markets with a median price of less than $200,000 (the U.S. median price was $206,200). The credit crunch has lessened homebuyers' ability to garner higher priced mortgages, putting downward pressure on the median price. The map below shows the quarter-to-quarter change in the existing median price at a compound annual rate.
Comparing the fourth quarter of 2007 with the fourth quarter of 2006 shows a brighter picture, with 69 metros posting year-over-year gains. Most of the metros with appreciation from a year ago are located in southern or southwestern states (particularly Texas), but the Mid-Atlantic and northwestern states of Oregon and Washington also show gains. States recording double-digit declines from year-earlier levels were concentrated in the higher priced markets of California and Florida, and the Midwestern states Michigan, Illinois, and Ohio, who are experiencing employment losses. The following table shows the percentage change year-over-year, ranked by fourth quarter y/y changes. Existing Median Home Prices by Metro | | | | 2007q3 | 2007q4 | 2007q4 | | | | Year-over-year | Year-over-year | | | | | change | change | | U.S. | | -2.22 | -5.84 | $206,200 | Lansing-East Lansing | MI | -4.36 | -18.81 | $109,600 | Sacramento--Arden-Arcade--Roseville | CA | -10.48 | -18.51 | $297,600 | Riverside-San Bernardino-Ontario | CA | -7.62 | -16.83 | $338,000 | Jackson | MS | -2.22 | -16.79 | $120,900 | Decatur | IL | -0.12 | -15.92 | $75,000 | Detroit-Warren-Livonia | MI | -7.27 | -13.78 | $133,300 | Los Angeles-Long Beach-Santa Ana | CA | 1.1 | -13.09 | $509,700 | Palm Bay-Melbourne-Titusville | FL | -12.39 | -13 | $151,300 | Cape Coral-Fort Myers | FL | -7.32 | -12.98 | $225,300 | Las Vegas-Paradise | NV | -7.1 | -12.76 | $273,500 | Memphis | TN-MS-AR | -2.75 | -12.4 | $124,300 | Tampa-St. Petersburg-Clearwater | FL | -6.71 | -12.23 | $201,600 | Orlando | FL | -1.55 | -11.65 | $240,400 | Dayton | OH | -0.82 | -10.79 | $106,600 | Fort Wayne | IN | -0.1 | -10.53 | $90,900 | Hagerstown-Martinsburg | MD-WV | -7.95 | -10.19 | $192,100 | San Diego-Carlsbad-San Marcos | CA | -2.09 | -9.81 | $522,900 | Chattanooga | TN-GA | -2.13 | -9.66 | $121,600 | Reno-Sparks | NV | -7.09 | -9.41 | $301,300 | Cleveland-Elyria-Mentor | OH | -4.19 | -9.4 | $118,600 | Youngstown-Warren-Boardman | OH-PA | -5.12 | -9.25 | $72,600 | Ocala | FL | -5.96 | -9.14 | $155,100 | Sarasota-Bradenton-Venice | FL | -10.38 | -9.03 | $274,100 | Deltona-Daytona Beach-Ormond Beach | FL | -3.23 | -8.81 | $181,100 | Pittsfield | MA | 4.51 | -8.16 | $202,600 | Phoenix-Mesa-Scottsdale | AZ | -4.13 | -7.82 | $241,700 | Canton-Massillon | OH | 3.03 | -7.63 | $98,100 | Gainesville | FL | -4 | -7 | $196,700 | St. Louis | MO-IL | -2.53 | -6.97 | $133,500 | Rockford | IL | 2.29 | -6.83 | $113,200 | Denver-Aurora | CO | 0.36 | -6.31 | $230,100 | Providence-New Bedford-Fall River | RI-MA | -1.72 | -6.21 | $273,200 | Glens Falls | NY | 3.96 | -6.02 | $163,900 | Worcester | MA | -0.91 | -5.72 | $259,000 | Miami-Fort Lauderdale-Miami Beach | FL | -5.33 | -5.7 | $345,900 | Boise City-Nampa | ID | 0 | -5.49 | $198,000 | Beaumont-Port Arthur | TX | 10.25 | -5.33 | $113,600 | Minneapolis-St. Paul-Bloomington | MN-WI | -1.67 | -4.86 | $217,200 | Cincinnati-Middletown | OH-KY-IN | 0.28 | -4.54 | $132,400 | Grand Rapids-Wyoming | MI | -5.86 | -4.02 | $124,300 | Colorado Springs | CO | -0.71 | -3.97 | $210,700 | Bloomington-Normal | IL | -0.32 | -3.97 | $145,300 | South Bend-Mishawaka | IN-MI | -0.83 | -3.9 | $86,300 | Erie | PA | 0.19 | -3.9 | $98,600 | New Haven-Milford | CT | -1.68 | -3.59 | $268,800 | Birmingham-Hoover | AL | 0.42 | -3.46 | $156,100 | Louisville | KY-IN | -0.42 | -3.34 | $133,000 | Kansas City | MO-KS | -0.7 | -3.2 | $148,200 | Dover | DE | 2.33 | -3.15 | $199,600 | Pensacola-Ferry Pass-Brent | FL | 0.77 | -3.1 | $156,400 | Charleston-North Charleston | SC | -1.76 | -3.03 | $204,500 | Indianapolis | IN | 0.9 | -2.65 | $114,000 | Chicago-Naperville-Joliet | IL-IN-WI | 2.51 | -2.65 | $261,000 | New Orleans-Metairie-Kenner | LA | -8.19 | -2.41 | $158,200 | Tallahassee | FL | -1.53 | -2.37 | $180,900 | Lexington-Fayette | KY | 0.74 | -2.32 | $142,900 | Norwich-New London | CT | 0.91 | -2.21 | $252,400 | Baton Rouge | LA | -0.95 | -2.13 | $169,700 | Boston-Cambridge-Quincy | MA-NH | 0.53 | -1.88 | $380,700 | Davenport-Moline-Rock Island | IA-IL | 2.78 | -1.64 | $102,100 | Richmond | VA | 3.2 | -1.61 | $225,700 | Jacksonville | FL | -3.52 | -1.55 | $177,600 | Atlanta-Sandy Springs-Marietta | GA | -0.45 | -1.5 | $164,300 | Tucson | AZ | 0.45 | -1.5 | $235,800 | Allentown-Bethlehem-Easton | PA-NJ | 1.07 | -1.28 | $246,500 | Portland-South Portland-Biddeford | ME | 0.61 | -1.26 | $242,100 | New York-Northern New Jersey-Long Island | NY-NJ-PA | -0.65 | -1.1 | $457,400 | Columbus | OH | 0.13 | -1.08 | $137,200 | Gulfport-Biloxi | MS | 3.11 | -1.05 | $150,400 | Kankakee-Bradley | IL | 2.67 | -1.03 | $124,400 | Baltimore-Towson | MD | 1.71 | -1.01 | $275,100 | Akron | OH | 6.95 | -1 | $109,100 | Toledo | OH | -7.19 | -0.76 | $104,000 | Omaha-Council Bluffs | NE-IA | 2.07 | -0.37 | $135,700 | Mobile | AL | -0.94 | 0.15 | $137,400 | Lincoln | NE | 0.65 | 0.29 | $138,100 | Greensboro-High Point | NC | 2.37 | 0.33 | $150,700 | Virginia Beach-Norfolk-Newport News | VA-NC | 4.59 | 0.34 | $236,000 | Wichita | KS | 5.69 | 0.35 | $113,800 | Spartanburg | SC | 5.08 | 0.41 | $121,800 | Dallas-Fort Worth-Arlington | TX | 1.59 | 0.49 | $145,000 | Albany-Schenectady-Troy | NY | 3.49 | 0.5 | $199,700 | Honolulu | HI | 2.35 | 0.85 | $625,300 | Knoxville | TN | 3.19 | 0.91 | $155,000 | Springfield | MO | 0 | 0.92 | $120,700 | Madison | WI | 2.99 | 1.02 | $227,700 | Philadelphia-Camden-Wilmington | PA-NJ-DE-MD | 2.88 | 1.11 | $226,800 | Houston-Baytown-Sugar Land | TX | 1.96 | 1.14 | $150,300 | Kingston | NY | 1.2 | 1.19 | $246,100 | Seattle-Tacoma-Bellevue | WA | 5.99 | 1.23 | $377,500 | Little Rock-North Little Rock | AR | 2.09 | 1.27 | $127,500 | El Paso | TX | 4.54 | 1.37 | $133,600 | Champaign-Urbana | IL | -3.91 | 1.41 | $143,600 | Hartford-West Hartford-East Hartford | CT | 0.71 | 1.61 | $258,000 | Portland-Vancouver-Beaverton | OR-WA | 5.16 | 1.79 | $290,500 | Farmington | NM | 8.06 | 1.91 | $186,500 | Appleton | WI | 0.63 | 1.95 | $130,900 | Green Bay | WI | 7.24 | 2.27 | $148,900 | Barnstable Town | MA | 3.09 | 2.36 | $382,300 | Salt Lake City | UT | 14.05 | 2.46 | $229,100 | Spokane | WA | 8.22 | 2.59 | $194,100 | Montgomery | AL | 1.71 | 2.72 | $143,400 | Eugene-Springfield | OR | 3.02 | 2.9 | $237,600 | Bridgeport-Stamford-Norwalk | CT | 2.15 | 3.25 | $460,200 | Charlotte-Gastonia-Concord | NC-SC | 10.99 | 3.28 | $204,700 | Boulder | CO | 2.26 | 3.4 | $371,100 | Springfield | MA | -1.78 | 3.51 | $206,400 | Elmira | NY | -0.32 |
|
|
|
|
