I hear America growing
The National Association of Realtors has released an interesting compilation of changing US home markets:
Nationally, median home prices gained 8.8 percent in the fourth quarter versus the same period in 2003 [that is, 8.8% annual appreciation over the last 12 months — ed.], according to a National Association of Realtors (NAR) report.
The median price was $187,500, which means that half the homes tracked cost more and half cost less. Of the 129 markets tracked, 62 areas had growth of more than 10 percent.
The richest market, San Francisco (averaging a breathtaking $656,700) also had a high growth rate (14.2%). At the other end of the spectrum, cheap markets like Beaumont TX ($87,800), Springfield IL ($93,600), and Buffalo NY ($94,800) saw little if any price increases, as Americans continue migrating to the coasts.
The Realtors’ comprehensive statistics can be found here.
What makes some markets pricy, and some cheap? Demographics, land-development restrictions, land availability, and economics.
