City-by-city price comps
|
Home prices are 35 percent above equilibrium, according to Local Market Monitor. Sales are down 40 percent year-over-year, according to John Burns Real Estate Consulting. Although prices and construction levels are declining, it still is one of the less-affordable markets in the United States, and the firm expects that price declines will improve affordability. It posted a 40-percent drop in building permits from December 2007 to December 2008. | | Median price end of 2008: | $325,900 | | Median price end of 2007: | $377,500 | | Percent change: | -13.7% | | Projected change through Q3 2009: | -9.1% | | Affordability rating: | 5.1 | Foreclosures in 2008:
(1 for every 116 households) | 9,239 | Foreclosures in 2007:
(1 for every 211 households) | 5,016 | | Change in foreclosures: | 84.2% | | Expected to hit bottom: | Q4 2009 | | Percent drop needed to reach bottom: | -17.5% |
|
|
| |
Back to the 40-city chart overview.