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US House Prices Drop in 2007

The median house price in the United States is expected to fall for the first time this year since the government began tracking prices in 1950. An article in the New York Times says that the decline will be modest, from 1-2% and may even continue into 2008 and 2009.
 
Over the past year there has been a slowdown in certain markets that were at record levels, such as Florida and Northern California. This news report, however, notes that prices are dropping even in cities where there were modest, but not spectacular, gains. These include Minneapolis, Chicago and Houston. The biggest drops are expected, though, to hit the areas with the greatest growth. One research firm expects California prices to fall as much as 16% over the next 12-24 months.
 
Dallas metropolitan area was one of only five markets in the country with price gains. Dallas, Seattle, Portland, Ore., Atlanta and Charlotte, N.C., had annual gains in home prices in the second quarter.
According to Moody’s Economy.com, median home prices are not likely to return to the 2007 level on an inflation adjusted basis for some time, the article notes. According to the National Association of Realtors, the median home price across the country is about $220,000.
 
While the news is not great for US homeowners, it is pretty good for local and international investors looking to get into the market. With prices expected to fall over the next year, it is a good time to look for deals and the ideal home. International real estate investors, particularly those from the UK and Europe, are in an even better position with the dollar at or near record lows. Overseas buyers can get significantly more for their money right now due to the low dollar.

 

  

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