Six US Markets Deliver Strongest Price Growth in Condos
15 Janeiro 2009 - 11:00AM
PR Newswire (US)
Strong Current Demand Supported by Competitive Economies Helps
Local Condo Markets LOS ANGELES, Jan. 15 /PRNewswire-FirstCall/ --
Despite the effects of today's economic challenges on the nation's
housing market, local metro areas throughout the country are
delivering strong median sales price growth on condominiums,
representing better buying opportunities especially for first-time
home buyers, based on the most recent Existing-Home Sales quarterly
report from the National Association of Realtors.(1) The six
markets delivering the strongest median sales price growth for
condos include: Dallas-Fort Worth-Arlington and
Houston-Baytown-Sugar Land, TX; Bismarck, ND; New
Orleans-Metairie-Kenner, LA; Rochester, NY; and
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD.(1) "This latest home
sales report demonstrates how important it is for home buyers and
sellers to remain focused on local market information and the value
opportunities available in those areas rather than on national or
regional trends not relevant to the markets they may be
considering," says Errol Samuelson, President of Realtor.com(R).
"It is not unusual for market forces in local geographies, specific
property categories, or even price brackets to behave quite
differently than the national macro trends." Today, potential
buyers can quickly search condos for sale on Realtor.com, the #1
homes-for-sale Web site, including listings in the following six
metropolitan statistical areas (MSA) that delivered median price
growth for the third quarter of 2008 compared to the same quarter
last year: Dallas-Fort Worth-Arlington: The Dallas-Fort
Worth-Arlington area led the country with a double digit increase
in median condo prices (+11.1%) during Q3 of 2008, compared to Q3
of 2007.(1) Unemployment was at 5.7% in November of 2008.(2) The
median income was $64.8K.(3) Historically, this area has had the
sixth highest GDP among the 363 MSAs in the nation.(4) For around
$150K, buyers can purchase a 3 Bed, 2.5 Bath home with around 1500
square feet of space. Bismarck, ND: Bismarck was the only other
metro area with a double digit median price gain (+11.0%) in Q3.(1)
It had the second lowest jobless rate in the nation (2.6%),(2) with
many residents employed in the healthcare industry, a sector that
has been impacted less by the recession than other industries. The
median income was $64.4K(3), the second highest of the six featured
cities. Bismarck also has a very pro-business local government(5)
that supports the success of its many self-employed residents. With
a population of just 97.4K, it delivered the 68th lowest GDP in the
nation as of the last government report.(4) Buyers can expect a
median condo price of $148K(1) that will buy a 1750 sq ft home with
2 Beds and 2 Baths. Houston-Baytown-Sugar Land, TX: This area came
in third among the six on our list with a healthy 8.1% increase in
median condo prices during Q3 of 2008.(1) It did slightly better
than its northerly neighbor in the area of unemployment, reporting
a 5.5% jobless rate in November of 2008. The median income is lower
than the Dallas area, however, at $61.1K.(3) It has outranked
Dallas in GDP in the past, with the fifth highest in the nation.(4)
More condo for the money is available here. More spacious 3 Bed,
2.5 Bath homes, are being offered for around $135K. New
Orleans-Metairie-Kenner, LA: Real estate is gaining ground in New
Orleans during the ongoing recovery from Katrina. The median home
price increased by 7.7% during Q3 of 2008(1) as buyers take
advantage of historically low prices. This area had 4.9%
unemployment in November of 2008.(2) The median income was
$59.8K.(3) Historically, this area has had the 41st highest GDP
among the 363 metropolitan statistical areas (MSA) in the
nation.(4) For $172K, buyers get a 1 Bed, 1 Bath, 450 Sq Ft flat on
historic Burgundy Street. Rochester, NY: Rochester offers the
second largest economy in New York State, next to the Big Apple, a
fact that may be helping condo prices during the recession.(1)
Known as the world capital of imaging, it commands a substantial
share of imaging and optical science in the local market and
universities. Rochester had 5.9% unemployment, the highest among
the markets listed but still well below the national unemployment
rate of 6.5% (2). The median income was $63.5K.(3) Rochester had
the 52nd highest GDP in the nation as of the latest report.(4) The
median condo price is $121K,(1) making it one of the most
affordable of the US metro areas experiencing a median price
increase (+5.8%). At about that price, expect to buy a 2 Bed, 1
Bath Townhouse offering around 1100 Sq Ft.
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD: This area has the
highest median price point of our top six. A 1 Bed, 1 Bath high
rise condo with 600 Sq Ft of living space and a city view can be
had for the local median price of $207K.(1) Philly is the sixth
most populous city in the US with the seventh largest GDP in the
nation, as of the latest report.(4) Like Rochester, NY,
unemployment was at 5.9%(2) but the median income was also the
highest of the group at $74.3K.(4) Consumers searching for real
estate in Rochester, NY, and Dallas and Houston, TX, have a
competitive advantage when negotiating for properties found on
Realtor.com. Updated information on property listings is fed to
Realtor.com every 15 minutes by the Greater Rochester Association
of REALTORS(R), North Texas Real Estate Information Systems Inc.,
and Dallas Association of REALTORS, delivering the freshest and
most up-to-date information to home buyers searching online for
real estate. ABOUT REALTOR.COM(R) REALTOR.com(R), where the world
shops for real estate online, is operated by Move, Inc.,
(NASDAQ:MOVE) and is the official Web site of the National
Association of REALTORS(R). Ranked as the #1 homes-for-sale site,
REALTOR.com(R) currently offers potential home buyers access to
over four million property listings, as well as the most brokers
and agents. It also provides REALTORS(R) and the home sellers they
represent with the Internet's largest real estate marketplace,
reaching more than 3.7 million consumers in December 2008(7).
Agents and companies have the power to customize REALTOR.com(R)
resources to maximize their brand and productivity. REALTOR(R) and
REALTOR.com(R) are registered trademarks of the NATIONAL
ASSOCIATION OF REALTORS(R). REALTOR(R) is a federally registered
collective membership mark, which identifies a real estate
professional who is a Member of the NATIONAL ASSOCIATION OF
REALTORS(R) and subscribes to its strict Code of Ethics. All other
trademarks appearing above are the property of Move, Inc., or of
their other respective owners ABOUT MOVE, INC. Move, Inc.
(NASDAQ:MOVE) is the leader in online real estate with 5.7
million(7) monthly visitors to its online network of websites.
Move, Inc. operates: Move.com(R), a leading destination for
information on new homes and rental listings, moving, home and
garden and home finance; REALTOR.com(R), the official Web site of
the National Association of REALTORS(R); Welcome Wagon(R);
Moving.com; SeniorHousingNet(TM); and TOP PRODUCER(R) Systems.
Move, Inc. is based in Westlake Village, California. For more
information: http://www.move.com/. (1) Metropolitan Area
Existing-Home Prices, National Association of Realtors, November
18, 2008 (2) U.S. Bureau of Labor Statistics, Metropolitan Area
Unemployment, November 2008 (3) US Department of Housing and Urban
Development, 2007 (4) GDP by Metropolitan Area in Current Dollars,
2004-2006, Bureau of Economic Analysis Report, 9/25/08 (5) Best
Places to Live, Money Magazine, 2008 (6) US Census (7) comScore
Media Metrix, December 2008 This press release may contain
forward-looking statements, including information about
management's view of Move's future expectations, plans and
prospects, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
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to be materially different than those expressed or implied in such
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time in documents Move files with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form
10-Qs and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on Move's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. Move cannot guarantee future results,
levels of activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
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http://photoarchive.ap.org/ DATASOURCE: REALTOR.COM CONTACT: Julie
Reynolds, +1-805-557-3080, , for REALTOR.COM Web Site:
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