Metro Areas Still Performing Strongly
Despite frequent reports of a housing busts, several metro areas appear to be bucking the trend as is reflected in their recent price gains. According to a BusinessWeek article, the National Association of Realtors has identified 71 metro area markets that saw price gains in the fourth quarter of 2006 from a year earlier. That included 14 metros with increases of 10% or more.
On the flip side, the same report by the NAR also found 5 metro areas that remained unchanged and 73 which had experienced price declines. This, in turn, contributed to an overall U.S. median home price drop of 2.7%, to $219,300, the biggest year-over-year decrease on record.