Bureau of Labor Statistics' year-end data shows that the cost of living in a home, or housing inflation, rose at a slower pace both regionally and nationally last year. Housing inflation, which accounts for 46% of the Consumer Price Index math, includes home-operating costs from rent to energy to furnishings to insurance, but not purchase costs.
In DC/MD/VAl, housing's CPI rose at an average 4.8% last year vs. 4.4% in ‘06. With the increase, DC/MD/VA had the 7th highest housing inflation for 2007 among 27 regions tracked. (We were 9th worst in ‘06) Nationally, the U.S. city average was 3.1% housing inflation for ‘07 vs. 3.8% in ‘06.
Here's how the towns tracked by BLS fared ...
Region | 2007 | 2006 |
Honolulu | 7.2% | 8.4% |
Miami | 5.9% | 7.4% |
Tampa-St. Pete | 5.9% | 5.2% |
Los Angeles | 5.1% | 6.0% |
Phoenix | 4.8% | 3.9% |
Seattle | 4.8% | 4.8% |
DC/MD/VA | 4.8% | 4.4% |
Chicago | 4.2% | 1.7% |
Atlanta | 4.0% | 2.7% |
New York-NJ | 3.5% | 5.1% |
San Francisco | 3.3% | 3.0% |
Portland, OR | 3.2% | 1.9% |
U.S. city average | 3.1% | 3.8% |
Anchorage | 2.7% | 4.0% |
Philadelphia | 2.7% | 5.8% |
Pittsburgh | 2.7% | 4.5% |
San Diego | 2.6% | 4.1% |
Kansas City | 2.5% | 1.7% |
Cincinnati | 2.1% | 4.1% |
Minneapolis | 1.9% | -0.2% |
Cleveland | 1.6% | 1.3% |
Boston | 1.5% | 3.5% |
Milwaukee | 1.5% | 2.0% |
Denver | 0.9% | 2.3% |
Dallas | 0.8% | 2.4% |
St. Louis | 0.8% | 0.9% |
Detroit | 0.7% | 3.8% |
Houston | 0.5% | 3.7% |
Residential Homes trended DOWN by 26.9% (January Year-to-Year)
Original Price: $287,960
Sales Price: $242,567 (84.2% of Original Price)
Average Days on Market: 129
Number of Homes Sold: 89
Currently Active Listings:
Average List Price: $245,153
Average Days on Market: 129
Total Listed: 1812
It is important to know the path the market is currently on. Sellers need to lead the market not follow. Continually lagging behind the trend will lead to higher days on the market and lower "walkaway" sales prices.
This article also found at http://www.ask2agents.blogspot.com/
Residential Homes trended DOWN by 17.3% (January Year-to-Year)
Original Price: $464,594
Sales Price: $414,708 (89.3% of Original Price)
Average Days on Market: 101
Number of Homes Sold: 31
Currently Active Listings:
Average List Price: $486,568
Average Days on Market: 178
Total Listed: 358
It is important to know the path the market is currently on. Sellers need to lead the market not follow. Continually lagging behind the trend will lead to higher days on the market and lower "walkaway" sales prices.
This article also found at http://www.ask2agents.blogspot.com/
Residential Homes trended DOWN by 18.9% (January Year-to-Year)
Original Price: $511,932
Sales Price: $449,896 (88.0% of Original Price)
Average Days on Market: 168
Number of Homes Sold: 42
Currently Active Listings:
Average List Price: $604,866
Average Days on Market: 261
Total Listed: 302
It is important to know the path the market is currently on. Sellers need to lead the market not follow. Continually lagging behind the trend will lead to higher days on the market and lower "walkaway" sales prices.
This article also found at http://www.ask2agents.blogspot.com/
Got a spare $121,197? That's the household income required to buy the typical DC/VA/MD home (estimated price tag: $371,000) in 2007's third quarter, according to the Center for Housing Policy. That ranked DC/VA/MD as No. 25 for biggest salary needed to buy a home among 201 major U.S. markets. (San Francisco was first, by the way!)
The good news - and this is a stretch at optimism - is that this required lofty paycheck is 15.76% less than the $143,878 required to buy a year earlier. You can thank a 11.7% price drop for much of that "improvement."
The center used homebuilder home pricing and a proprietary salary database to arrive at that affordability measure. It assumes the buyer puts 10% down and pays his loan plus mortgage insurance, taxes and homeowners insurance. The assumption is that total house payments are no more than 28% of household income.
To read more of the study, CLICK HERE
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