City-by-city price comps
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It is a little cheaper to live in the Big Apple, but there's still a 43-percent difference between the actual and equilibrium price in New York and the surrounding area, according to Local Market Monitor. Construction has slowed, with a 27-percent drop in single-family permits in New York, northern New Jersey and Long Island between December 2007 and December 2008. Layoffs are adding to the concerns of buyers, who are finding plenty of inventory. | | Median price end of 2008: | $390,400 | | Median price end of 2007: | $457,400 | | Percent change: | -14.6% | | Projected change through Q3 2009: | -15.6% | | Affordability rating: | 4.3 | Foreclosures in 2008:
(1 for every 141 households) | 31,165 | Foreclosures in 2007:
(1 for every 193 households) | 22,569 | | Change in foreclosures: | 38.1% | | Expected to hit bottom: | Q3 2010 | | Percent drop needed to reach bottom: | -33.3% |
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Back to the 40-city chart overview.