October 16, 2008

70% of metro markets have seen home prices increase over 20% in the past 5 years

The article Home Prices By Metro Area lists 292 individual metropolitan areas and it gives the change in home values for the past quarter, 1 year and 5 year periods. The article was from August so its a little old now but its not too far out of date.

For the past 5 years:

72% of home markets saw home values increase over 20%.

41% of markets had increases over 35%.

Only 5 cities had decreases in value and all 5 of them are in Michigan.

The average increase for the 292 markets was 32.9%

The highest increase was 83.5% in Honolulu and the biggest decrease was -11% for Detroit.

Other interesting points :

The 10 cities with the largest 1 year declines all have 5 year increases of at least 8%. And half of them have 5 year increases over 30%. For example the Riverside California market dropped 22.9% in the 1 year period but was still up 47% for the 5 year period.

As a generalization the areas with the biggest 1 year decreases also have large 5 year increases. California, Florida and Nevada have had large boom and bust cycles.

Michigan and Ohio have had some of the worst markets in both the 1 and 5 year periods. There are 22 cities with decreases in the past year and less than 10% increase in 5 years. Of those 22 total there are 12 cities in Michigan and 5 in Ohio.

No comments:

Post a Comment

I'm starting to get too many spam messages in the comments so I'm turning on moderation. Please be patient and wait for your comment to be approved. Note it may take up to a few days for approval, thanks. I've also had to remove anonymous posting of comments to cut down on spam and pure stupidity.

Blog Widget by LinkWithin