Spotted in article this morning in the Chicago Tribune, written by Susan Diesenhouse - while the U.S., as a whole, has suffered a 6.7% average decline in resale prices between October, 2006 and October, 2007, resale prices here in the Chicago Area have declined, but not as much - 3.1%, on average.
It's anybody's guess as to why, here, we typically are more stable during housing downturns nationwide. Some say there is less specuation by outsiders here, and the old-catch all - "Solid Midwestern Values". Still, the downturn is scary!
Here are a few of the numbers from the Standard & Poors/Case-Shiller Index, comparing home prices, year-over-year, between October, 2006 and October, 2007. See our posting on BlogChicagoHomes.com for more info -
- Average sales price nationwide declined 6.7 percent in October - highest since index was created in 1988. Last year-over-year price decline this high - 6.1% in April, 1991.
- Biggest Downturn in Midwest - Detroit MI Metro, which experienced a 11.3 percent price decline, October to October.
- The Standard & Poors Survey covers the Top 10 Metro Areas in the U.S. When expanding to the Top 20 - 11 Metros experienced record average price declines. Miami and Tampa FL, Phoenix AZ, and San Diego CA had double-digit declines. San Diego had the largest month-to-month average resale price decline - 2.6%.
- Three metro areas actually had INCREASES in their average sales price, year-over-year - Charlotte NC, Seattle WA, and Portland OR. The average sales price in Charlotte actually increased 4.3% between October, 2006 and October, 2007, while Seattle and Portland posted more modest average price gains.
FYI
DEAN & DEAN'S TEAM CHICAGO
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