City-by-city price comps
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Of the 40 markets we studied, this Midwestern city is one of the only ones with a somewhat stable market. It has experienced a slowdown in sales -- a result of tougher mortgage guidelines and worry about the national economy -- and slight drops in home prices this year. The Fiserv/Moody’s economics.com study predicts the Wichita market will bottom out this year. Home prices are below equilibrium, according to Local Market Monitor. | | Median price end of 2008: | $118,200 | | Median price end of 2007: | $113,800 | | Percent change: | 3.9% | | Projected change through Q3 2009: | -1.1% | | Affordability rating: | 1.9 | Foreclosures in 2008:
(1 for every 150 households) | 1,698 | Foreclosures in 2007:
(1 for every 381 households) | 662 | | Change in foreclosures: | 156.5% | | Expected to hit bottom: | Q4 2009 | | Percent drop needed to reach bottom: | -2.5% |
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Back to the 40-city chart overview.