CNN reported on home prices across the country. Hold onto your hats people, the bubble has popped, the sky is falling, housing prices fell a whopping …… 1.2% this quarter compared to a year ago. What does that mean? Not too much because real estate is local. Fortunately, the article is kind enough to break it down by city, and by single family homes and condos. These numbers were based on the median price of homes.
Cheers go to:
- Salem, Oregon where single family homes (median price $228k) saw a 24.7% increase from the third quarter last year.
- Knoxville, Tennessee where condos (median price $155.7k) saw a 29% increase over last year.
- other notable cheers go out to Seattle/Tacoma/Bellview WA (single family) and Honolulu HI (condos) that had both high median prices and good percentage increases over the last year.
And the Jeers:
- Detroit MI area single family homes ($154.1k median) lost 10.5% of their value from last year.
- and Sarasota FL area condos ($275.6k median) lost 11% (ouch) of their value.
So where does that put Boston? Unfortunately we’re in the red. For single family homes Boston / Cambridge / Quincy ($412.3k median) lost 4.3% from last year. Strangely enough, Boston / Cambridge / Quincy condos (median $300.8k) are doing a little better, having lost only 1.9% of their value over last year.