City-by-city price comps
|
Like elsewhere, builders in President Obama's hometown are cutting prices and offering plenty of incentives but are still having difficulty attracting buyers. Resale sales activity has fallen 31 percent year-over-year to fewer than 58,000 transactions, resulting in nearly 17 months of supply, says Chris Porter with John Burns Real Estate Consulting. "We expect a significant jump in resale activity due to increased distressed sales in 2009," he says. Construction activity will decline into 2010. | | Median price end of 2008: | $217,800 | | Median price end of 2007: | $261,000 | | Percent change: | -16.6 | | Projected change through Q3 2009: | -4.3% | | Affordability rating: | 0.5 | Foreclosures in 2008:
(1 for every 40 households) | 77,226 | Foreclosures in 2007:
(1 for every 61 households) | 50,350 | | Change in foreclosures: | 53.4% | | Expected to hit bottom: | Q1 2010 | | Percent drop needed to reach bottom: | -17.1% |
|
|
| |
Back to the 40-city chart overview.