|
|
| Archive | Search |
|
|
2008-12-04 09:18:46
BUCKING THE TREND: Values throughout the country dropped 4 percent over the past 12 months.
By Jeremy Fugleberg
Journal staff
While home prices drop in cities throughout the country, Rapid City is bucking the trend. Home prices in the city climbed 5.4 percent in the past year, the third-highest rise in the country, according to federal data released this week. Prices in Austin, Texas, rose 5.6 percent, and homebuyers in August, Ga., saw a 5.5 percent climb. U.S. home prices dropped 4 percent over the past 12 months and sank 2.7 percent in the third quarter, according to the Federal Housing Finance Agency. The 4 percent drop over four quarters is the largest in the index’s 33-year history. “Prices continued their retreat in most areas in the third quarter,” Patrick Lawler, the agency’s top economist, said. “While housing affordability has improved and may have drawn in some new buyers, it seems that high inventory levels and buyer uncertainty have had the dominant impact on prices.” Representatives of the Black Hills Association of Realtors weren’t available for comment over the holiday break. Of the 20 cities with the sharpest price declines over the past year, all except Las Vegas were in California or Florida. The cities with the steepest declines — all in California — were Merced’s 42.3 percent plummet, Stockton’s 41.4 percent drop and Modesto’s 36.7 percent fall. The states with the biggest price jumps between the third quarters of 2007 and 2008 were North Dakota, at 4 percent; South Dakota, at 3.9 percent; Texas, at 3.2 percent; Alabama, at 2.8 percent; and Oklahoma at 2.8 percent. The states with the sharpest price declines for the same period were Nevada at 20.9 percent; California, at 20.8 percent; Florida, at 16 percent; Arizona, at 13.5 percent; and Rhode
Island at 8 percent.
Top 5
❙ Austin, Texas: 5.6 percent
❙ Augusta, Ga.: 5.5 percent
❙ Rapid City: 5.4 percent
❙ Houma, La.: 5.2 percent
❙ Houston, Texas:5.2 percent
Bottom 5
❙ Vallejo, Calif.:-33.27 percent
❙ Salinas, Calif.:-34.09 percent
❙ Modesto, Calif.:-36.7 percent
❙ Stockton, Calif.:-41.4 percent
❙ Merced, Calif.:-42.3 percent
Source: Federal Housing Finance Agency
««-- Go Back To Index
|
|
|
4940 5th Street, Ste. 2A • Rapid City, SD 57701 • (605) 343-2113 • FAX: (605) 343-2116
Email Us
Site © Mandalay Homes, LLC. All Rights Reserved |
|
|
Site design by BBM Studios, a division of Robert Sharp & Associates
|
|
