Industry News

Metro-area real estate price pressure to ease

But dozens of metros still post double-digit growth in Q2

Thirty-seven of 151 metro areas tracked by the National Association of Realtors had double-digit home-price increases in the second quarter compared to second-quarter 2005, the trade group reported today, while 26 metro areas had price declines. "Many of the areas with declines are showing weakness in the local labor market," the Realtors group noted. Five Illinois metro areas, four in Indiana, and four in Ohio had price declines in the second quarter compared to second-quarter 2005, according to the report. The Danville, Ill., metro area had an 11.2 percent decline in metro prices in second-quarter 2006 compared to second-quarter 2005, followed by Detroit-Warren-Livonia, Mich., with an 8 percent decline. The Davenport-Moline-Rock Island metro area in Iowa and Illinois and the Rockford, Ill., metro area both had 5.5 percent declines in second-quarter 2006 compared to second-quarter 2005. The national median existing single-family home price was $227,500 in the second quarter, up 3.7 ...

Comments