Home Prices Appreciating in Some Markets

Recent home price data shows that, despite the housing crisis, some markets have appreciated over the last seven years. According to the FNC Residential Price Index, which ranks each major metropolitan market according to long-term price appreciation prospects, the 10 cities with the greatest annual appreciation in home prices since 2003 are: Baltimore (up 7 percent), Seattle (up 5.7 percent), Washington D.C. (up 4.5 percent), Los Angeles (up 3.8 percent), Portland (up 3.8 percent), San Antonio (up 3.2 percent), New York (up 3.1 percent), Nashville (up 2.8 percent), St. Louis (up 2.4 percent), and Columbus, OH (up 1.3 percent). The Coldwell Banker Home Listing Report shows the U.S. average for surveyed listings was approximately $353,000. According to the report, the most expensive real-estate market was Newport Beach, Calif.and the most affordable was Detroit, Mich. Jim Gillespie, chief executive officer of Coldwell Banker Real Estate, said homeownership is generally affordable and home buyers have a unique opportunity to take advantage of low mortgage rates and comparatively lower prices. Coldwell data here. More here and here.

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