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Daily Real Estate News | May 7, 2007 |
No Slump Here: Some Markets Buck the Trend
While many housing markets across the country are dealing with drops in home prices and sales volume, there are lots of areas that are bucking the trend with healthy gains.
Among them: the Pacific Northwest, Idaho, Utah, New Mexico, and parts of Texas, Tennessee, Georgia, and the Carolinas, says Lawrence Yun, senior economist with the NATIONAL ASSOCIATION OF REALTORSŪ.
In Seattle, Coldwell Banker Bain Associates CEO William Riss says single-family homes are in high demand and will appreciate in value by 9 percent to 12 percent this year, following a 12 percent increase in 2006.
Seattle began recovering from a severe economic downturn toward the end of 2004, much later than most other markets, and has a limited supply of inventory due to zoning restrictions. It also is benefiting from the expansion of large employers, including Microsoft, and the exodus of buyers from pricey California into the region.
Another market bucking the downturn is Austin, Texas, where a growing number of reasonably priced townhomes and condominiums are attracting young professionals and empty nesters. Meanwhile, a robust job market and expanding technology sector are fueling sales and price gains in Salt Lake City.
Source: Investor's Business Daily, Marilyn Alva (05/04/07)
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