The National Market

Updated data through Octoer 2008, showed continued broad declines in the price of single-family homes with 14 of the 20 metro areas showing record rates of decline.  The composite index of 20 metropolitan areas showed a decline of 2.2% from September to October 2008, an increase from the decline of 1.8% from August to September.  The composite year over year decline was 18.0%.

The Weakest and Strongest Markets

Three markets, Phoenix, Las Vegas and San Francisco have given back more that 30% of the value of homes since last October. Incredible.  They showed annual declines of 32.7%,  31.7% and 31.0% respectively.  Dallas and Charlotte, NC were the strongest markets, showing declines of 3.0% and 4.4%, from September to October 2008, respectively.

The NY Metro Market

The New York metropolitan area showed a decline of 0.9% in the period from September to October, the same decline from August to September. The annual decline in the NY area measured 7.5%.

Opinion and Analysis

While there is much talk locally of how much prices have fallen, and they have fallen significantly, the decline in this area is generally less than one-half of the national rate of decline.  I anticipate that our local NY metro market will turn  upward before the nation as a whole, but our rate of increase will be less than some of those markets that have fallen so very hard.

See more information on me web site www.JayNadelson.com.