Realtors' report shows double-digit increase in housing prices in 14 metro areas, despite national decrease; high values attributed to affordability, job growth.
"Affordable housing and booming job markets have helped some metros buck the national trend of stagnant home prices"
"Even as national home prices saw their worst-ever decline last quarter, the median home price in the Atlantic City (N.J.) area shot up almost 26%, to $339,800, marking the sharpest year-over-year increase of any U.S. metropolitan area. Seventy-one other U.S. metro areas saw price gains in the fourth quarter of 2006 from a year earlier, including 14 metros with increases of 10% or more, according to a Feb. 15 report from the National Association of Realtors (NAR)."
"Five metro areas remained unchanged and 73 areas had price declines, contributing to an overall U.S. median home price drop of 2.7%, to $219,300, the biggest year-over-year decrease on record. Home prices in the Sarasota (Fla.) area fell 18%, the sharpest decline among the metro areas."
"Areas such as the Florida coast and Southern California saw the most speculation and consequently the most rapid price runups in the boom years. Places that didn't experience dramatic price appreciation until recently, including Atlantic City, Salt Lake City, Texas, and the Pacific Northwest, remained relatively affordable last year, drawing buyers and sending prices skyward."
"Economic law isn't the only factor driving home price gains in many metro areas. More than $2 billion in new construction in Atlantic City, including casinos, megaresorts, and shopping centers, is now attracting a "yuppie" crowd, according to Drew Fishman, president elect of NJAR and an Atlantic County-based realtor."
"Job creation also led to significant home price appreciation in some metro areas last year, especially in the Northwest states. Three Oregon metros-Salem, Portland, and Eugene-and two Washington metros-Seattle and Spokane-saw double-digit price growth in the fourth quarter of 2006."
"Our market just seems to keep chugging along," says Terry Miller, a realtor at Seattle-based Coldwell Banker Bain. In 2006, Seattle began a major redevelopment of its South Lake Union neighborhood to attract more biotech companies to the city. A large and increasing immigrant population in the Seattle area has also helped create demand for housing, Miller says. In addition, the Northwest region's price increases in recent years have not been as significant as in other parts of the U.S."
"Maybe the slump in national home prices isn't the housing market's biggest problem, as evidenced by the positive price changes in nearly half of the nation's metro areas. In fact, problems may just be starting for areas like Seattle, which could see prices get out of control. "Prices are so high now, it is a concern," says Miller."
FULL STORY: Housing Bust Rebels
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
Podcast: Addressing the Root Causes of Transit Violence
Deploying transit police is a short-term fix. How can transit agencies build sustainable safety efforts?
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.