Today I read an article from the Associated Press regarding declining home prices. The article stated "The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell a record 16.3 percent in July from the year-ago period, the largest drop since its inception in 2000."
The average consumer, after reading this information, thinks that ALL real estate is worth 16.3% less that it was a year ago. Not true.
The key words here are "20-city housing index." The article doesn't list which 20 cities but does mention Las Vegas. I'm confident that the cities whose data was analyzed were the same cities that saw unbelievable appreciation earlier this decade.
These type of articles not only increase anxiety in the general public but also confuse home buyers. Real estate statistics differ from state to state and town to town.
According to the Tri-Lakes Board of Realtors data, as of September 30, 2008, the average sale price of residential property actually has INCREASED by 2.65%. The average sales price from January - September 2007 was $167,964. For 2008 during the same time period, the average sale price has INCREASED to $172,416.
Remember, when considering a real estate purchase, let your Realtor show you LOCAL data to help you made an informed decision.
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