The hottest markets for housing this decade

Search by tag or site

TheMoneyBlogs
Home
About
Create your own blog
Contact us

My Home About Me

Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

The hottest markets for housing this decade

Posted on 10/04/2006 12:56 PM | Link | Post Comment

http://www.millionairenowbook.blogspot.com/

Median home values rose 32% from 2000 to 2005, but homes in San Diego fared a lot better than the national estimate, according to U.S. Census Bureau data released Tuesday.
The median home value for San Diego homes, adjusted for inflation, rose 127% to $567,000 from $249,000, during the period. It was the largest increase among the country's biggest cities, according to the Bureau's American Community Survey. The survey covered 7,000 areas with a population of 65,000 or more.

Of the 15 largest cities surveyed, Los Angeles came in behind San Diego, with a median home-value increase of 110%, adjusted for inflation, followed by New York, with a rise of 79%.

Here's how home prices have fared, adjusted for inflation, in the biggest U.S. cities:
City-----2000 home value--2005 home value-% change
New York........$250,746..............$449,000..................................79%
Los Angeles.....244,398................513,800................................110%
Chicago...........163,575.................245,000.................................50%
Houston.............87, 852................112,800.................................28%
Philadelphia......69,148.................100,200.................................45%
Phoenix............121,292.................184,300.................................52%
San Diego........249,386................566,700................................127%
San Antonio......76,516...................89,800..................................17%
Dallas................99,074.................120,900..................................22%
San Jose..........425,657................625,400..................................47%
Detroit.................71,188..................88,300..................................24%
Jacksonville......95,333.................144,600..................................52%
Indianapolis......109,503................117,900.................................7.7%
San Francisco...479,161................726,700..................................52%
Columbus.........112,337................132,100..................................18%

Source: U.S. Census Bureau's American Community Survey

Moody's Economy.com, a private research firm based in West Chester, Pa., projects the median sales price for an existing home to decline in 2007 by 3.6 percent -- the first home price drop for an entire year since the 1930s.

The forecast is in a 195-page report, "Housing at the Tipping Point," which The Associated Press obtained before its release on Wednesday.

The report projected 133 of the nation's 379 metro areas would see price declines, covering nearly half the value of the nation's single-family homes.

The report described the current environment as a "correction" and not a "crash."

<< My Home | TheMoneyBlogs Home

Add Your Favorite Blogs Here

Examples

ATM Wallstreet - Mon Oct 06, 2008 03:39PM
Made several great trades today. Traded the QID, QQ [read more]

ATM Wallstreet - Sat Oct 04, 2008 10:41PM
When I first started Day Trading I traded anything that [read more]

ATM Wallstreet - Tue Oct 07, 2008 10:07PM
Today we have the Fed speaking and release of Fed mi [read more]