Flushing, Queens Home Price Trend - Not what you think

The two-day cold front left us today here in NYC. It's 45 degrees, jumping from 15 degrees (or minus 5 with wind chill) in one day. I have no complaints about the return of springtime temperature, but the body does need to adapt very quickly. Anyway, today I am sharing some data analysis published on Trulia.com about the home prices in the Queens County, including my favorite city of Flushing.

Often times, my buyers and friends asked me about the toughness of the real estate market. Have you seen price coming down? Obviously, the media of every type has done a great job in publicizing the bad news of the economy and the housing market with prominent headlines:

"Foreclosures Expected to be up 100%!"

"Housing Slump Causes Economic Recession"

"XXX Housing Market down by 35%"

I don't deny that the major economic indicators such as new home sales, existing home sales and building permits, are all south-bound. The contraction of the credit market does lead to housing as well as economic difficulties. But the micro factors are not to be ignored either. Each state, city and neighborhood has their own demographic and economic conditions that underly the local housing market. For example, Flushing's home prices went down briefly and are on the way up again, faster than the rest of the Queens County. Why? One reason is that the Chinese and Korean immigrants continue to support the demand for housing here.

Okay, I am feeling a bit lazy today. I will do my own data analysis later. For now, please visit Trulia.com and see for yourself. The price graph (for median prices) tells the story:

http://www.trulia.com/real_estate/Flushing-Queens/5106/