How do our home prices compare to the rest of the country?

It is interesting to see the cost of home ownership in most of the other major metropolitan areas of the country. The National Association of Realtors has compiled a list of the cost for homes in the major metropolitan areas of the country. The chart shows the median sales price for each of the areas from 2003 through the third quarter of 2006. In addition, you will be able to see the percentage of appreciation for the three quarters of 2006 in each area. Double digit appreciation was on the rare side for most of the country. However, in the Seattle area, the overall appreciation for the first three quarters of 2006 was 14%. We actually experienced great appreciation for last year when compared to other parts of the country. The area with the greatest appreciation for the first three quarters of 2006 was (drumroll, please) Salem, Oregon with an appreciation rate of 24.7%. Following closely behind was Elmira, NY. Homes appreciated at the rate of 21% (Elmira? I want to know what is going on there!) It is also interesting to see the many areas that declined in appreciation last year. Many of the stronghold areas of appreciation in the country, San Diego, Los Angeles,etc, experienced negative appreciation or single digit appreciation.

The range of appreciation in the Seattle area varies according to the specific city and neighborhood. But, stayed tuned, more on that will be coming in a later posting for our Eastside neighborhoods...

http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/