The residential real estate fog that's engulfed the nation is starting to lift in favor of sunnier outlook, according to several real estate forecasters. But while the worst may be over, there's still some surprises to come. As the market bottoms out with prices in coastal areas dropping and sales declining, other markets across the country, are growing.
The places hardest hit by the return to a more normal market situation were also the hottest markets during the run-up: Southern California, Las Vegas, and Florida, which have experienced the largest declines in home prices in 2007. Texas, which was also a hotbed of growth, has also shown some significant price declines during that period. Home prices in Las Vegas, down 5 percent over the past 12 months, may fall another 9 percent in the next year.
Here below are some highlights of the largest markets according to the 2000 Census.
Some of the gainers - and losers | ||||||
Growth forecast is for April 2007 / April 2008 - Fiserv Lending Solutions. | ||||||
Forecast growth to | ||||||
McAllen, Texas |
$130,000 |
25 |
26.5 |
-12.3 |
88-'89 |
9.8% |
El Paso | $130,000 | 19 |
48.2 | -5.4 | 87-'88 | 4.2% |
Scranton | $118,000 | 13 |
41.2 | -7.2 | 94-'95 | 3.9% |
Rochester, N.Y. | $122,000 | 11 |
22.3 | -4.1 | 94-'95 | 3.7% |
Baton Rouge | $178,000 | 19 |
34.2 | -8.3 | 87-'88 | 3.6% |
Dallas | $151,000 | 13 |
17.8 | -7.7 | 86-'87 | 3.6% |
San Antonio | $146,000 | 16 |
34.7 | -15.8 | 81-'82 | 3.3% |
Houston | $153,000 | 15 |
25.2 | -9.6 | 84-'85 | 3.2% |
Syracuse | $124,000 | 12 |
39.1 | -7.5 | 94-'95 | 3.2% |
Indianapolis | $122,000 | 11 |
15.9 | -6.6 | 81-'82 | 3.1% |
New Orleans | $175,000 | 20 |
50.5 | -7.1 | 87-'88 | 2.6% |
Cincinnati | $168,000 | 15 |
18.4 | -2.7 | 80-'81 | 2.4% |
Chicago | $281,000 | 23 |
46.7 | -1.0 | 81-'82 | 2.2% |
Kansas City | $158,000 | 14 |
25 | -4.8 | 82-'83 | 1.8% |
Salt Lake City | $216,000 | 21 |
45 | -6.0 | 87-'88 | 1.7% |
Nashville | $159,000 | 15 |
34.8 | -2.6 | 89-'90 | 1.7% |
Cambridge, Mass. | $431,000 | 28 |
27.1 | -7.7 | 89-'90 | 1.3% |
Tacoma, Wash. | $273,000 | 26 |
64.5 | -3.6 | 81-'82 | 0.8% |
Minneapolis/St. Paul | $240,000 | 18 |
38.9 | -1.6 | 82-'83 | 0.7% |
San Francisco | $837,000 | 54 |
56.8 | -8.8 | 90-'91 | 0.7% |
Seattle | $399,000 | 31 |
62.8 | -7.8 | 81-'82 | 0.6% |
Honolulu | $635,000 | 52 |
105.9 | -51.9 | 80-'81 | 0.6% |
Detroit | $118,000 | 12 |
12.5 | -17.8 | 81-'82 | -0.2% |
Boston | $379,000 | 28 |
41.2 | -8.2 | 89-'90 | -0.4% |
Philadelphia | $222,000 | 19 |
71.8 | -3.8 | 94-'95 | -0.6% |
Sacramento | $408,000 | 36 |
93.9 | -6.4 | 92-'93 | -0.9% |
Portland, Ore. | $293,000 | 26 |
67.4 | -16.6 | 80-'81 | -1.1% |
San Jose | $740,000 | 45 |
54.1 | -11.6 | 00-'01 | -1.2% |
San Diego | $574,000 | 52 |
93.7 | -6.8 | 92-'93 | -1.3% |
Denver | $268,000 | 22 |
12.6 | -2.3 | 87-'88 | -2.2% |
W. Palm Beach, | $340,000 | 31 |
118.7 | -4.9 | 90-'91 | -2.5% |
Oakland | $630,000 | 44 |
70.4 | -5.7 | 90-'91 | -2.5% |
Sarasota | $278,000 | 28 |
103.3 | -2.6 | 81-'82 | -3% |
New York City | $482,000 | 48 |
82.1 | -6.4 | 89-'90 | -3.9% |
Washington, D.C. | $421,000 | 28 |
96.2 | -5.1 | 90-'91 | -3.9% |
Tampa | $227,000 | 24 |
100.5 | -1.7 | 90-'91 | -4.2% |
Fresno | $311,000 | 39 |
149.7 | -9.7 | 82-'83 | -4.2% |
Orlando | $269,000 | 27 |
107.1 | -1.4 | 91-'92 | -4.4% |
Riverside, Calif. | $407,000 | 41 |
147.9 | -9.2 | 93-'94 | -4.4% |
Santa Ana, Calif. |
$713,000 |
53 |
116.9 |
-8.8 |
92-'93 |
-4.9% |
Los Angeles |
$547,000 |
57 |
138.5 |
-11.9 |
92-'93 |
-5% |
Bakersfield, Calif. |
$287,000 |
35 |
168.1 |
-5.4 |
94-'95 |
-5.4% |
Stockton, Calif. |
$450,000 |
46 |
99.1 |
-5.2 |
94-'95 |
-5.4% |
Fort Lauderdale |
$325,000 |
31 |
128.4 |
-3.1 |
92-'93 |
-5.5% |
Phoenix | $271,000 | 26 |
103.8 | -6.0 | 81-'82 | -5.5% |
Miami |
$335,000 |
41 |
149.3 |
-4.3 |
81-'82 |
-8.8% |
Las Vegas |
$325,000 |
33 |
110.8 |
-17.0 |
82-'83 |
-8.9% |
