Some Housing Markets Show Improvement: Report

April 5, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Boston Real Estate 

While most U.S. cities posted home price declines in January compared to a year ago, some markets are faring better, according to the latest housing market report by Radar Logic, a real estate data and analytics company. Of the 25 Metropolitan Statistical Areas (MSAs) examined, only two cities — Charlotte, N.C. and New York City — showed year-over-year appreciation with 3.9 percent and 2.0 percent, respectively. Milwaukee and Philadelphia posted virtually no change for the year, while Seattle (-1.4 percent) showed year-over-year depreciation for the first time. While 21 of the 25 MSAs showed declines compared to a year ago, nine posted returns above or equal to those recorded in December 2007.

The MSAs with the largest year-over-year depreciation in January were markets that experienced high appreciation rates during the housing boom: Sacramento, Calif. (-27.8 percent); Las Vegas (-25.4 percent); San Diego (-21.2 percent); Los Angeles (-16.6 percent); and Tampa, Fla. (-15.6 percent).

The study also showed that many MSAs posted impressive appreciation rates compared to five years ago. Leading cities were Miami (10.4 percent); Seattle (9.4 percent); Washington D.C. (9.1 percent); New York (9.0 percent); and Los Angeles (8.6 percent).

According to the report, Boston is now among the trailing metro areas.

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