eppraisal.com Real Estate Market Analysis
Today eppraisal.com released its National Real Estate Market Analysis report for the three months ending November 2008. Of the 189 market areas tracked across the U.S., 177 markets (or 93.7 percent) saw a decline in median home values, which is up from 81.9 percent in the previous report. The data indicates that most areas remain in decline.
The downward slide slowed a bit in previous months but in this period picked up some steam. This period shows substantial declines in most major markets (from coast to coast). In New York three of the four areas tracked saw declines. Nassau-Suffolk saw a decline of 5.1 percent, Ithaca down 6.9 percent, and Buffalo-Niagara Falls down 18.3 percent. Glens Falls, NY, is the exception with a 5.8 percent increase. On the West Coast, Phoenix-Mesa-Scottsdale, Ariz., saw a decrease of 12.1 percent. San Jose-Sunnyvale-Santa Clara, Calif., dropped 15.8 percent.
Florida continues to drop in all markets tracked by eppraisal.com. Sarasota-Bradenton-Venice saw the largest decline with a drop of 17 percent to a median home value of $166,000. In Central Florida, the Orlando-Kissimmee area saw a decline of 8.2 percent to a median value of $188,200. In Southern Florida, the Fort Lauderdale-Pompano Beach and Deerfield Beach areas saw a drop of 8.9 percent to a median home value of $237,000.
Places that have pushed to the top of the list are small or midsized areas like Yakima, Wash., Ocean City, NJ, and Rome, Ga. Yakima saw an increase of 2.8 percent to a median value of $152,000. Ocean City saw an increase of 3.2 percent to a median value of $325,000. Rome saw an increase of 10 percent to a median value of $110,000.
A few areas in Texas continue to see increases in the median home value. Sherman-Denison, McAllen-Edinburg, and Waco all saw positive increases of more than 2 percent again this period. Sherman-Denison was up 4.5 percent to a median value of $95,025, McAllen-Edinburg was up 2.7 percent to a median value of $118,125, and Waco was up 2.2 percent to a median value of $122,000. Other areas in Texas continue to decline. Midland leads the list with a loss of 4.9 percent in value to $163,670.
Overall, most areas continue to see declines, alluding the bottom has not been reached. Click here for a full list of the areas tracked by eppraisal.com.
