Home price trends in New York

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City-by-city price comps
New York

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)
Foreclosures in 2007:
(1 for every 193 households)
Change in foreclosures: 38.1%
Expected to hit bottom: Q3 2010
Percent drop needed to reach bottom: -33.3%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $445,800
Q2 2008 local median price: $453,400
Q3 2008 local median price: $452,500
Q4 2008 local median price: $390,400

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