Source: http://www.ofheo.gov/media/pdf/1q07hpi.pdf
· Office of Federal Housing Enterprise Oversight (OFHEO) House Price Index is published on a quarterly basis and tracks average house price changes in repeat sales or refinancings of the same single-family properties.
· OFHEO’s index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 32 million repeat transactions over the past 32 years.
Highlights:
· Prices fell over the most recent four-quarters in two states—Michigan and Massachusetts.
· Prices fell in the latest quarter in seven states — California, Florida, Maine, Massachusetts, Michigan, Nevada, and West Virginia.
· Florida is experiencing noticeable deceleration with a four-quarter appreciation rate of 4.3 percent (between the first quarter of 2006 and the first quarter of 2007), its lowest since the 1998Q4-1999Q4 period. Thirteen of the 18 Florida cities on the list of ranked MSAs experienced price declines between the fourth quarter of 2006 and the first quarter of 2007.
· Twenty-two of the 26 California cities on OFHEO’s “ranked” list experienced price declines between the fourth quarter of 2006 and the first quarter of 2007.
Regional comparison of major metros:
National Average 4.3%
Kingsport-Bristol, TN-VA 5.28%
Atlanta, GA 4.01%
Columbia, SC 5.39%
Spartanburg, SC 2.11%
Greenville-Mauldin-Easley, SC 6.77%
Raleigh-Cary, NC 6.42%
Winston-Salem, NC 4.35%
Greensboro-High Point, NC 3.98%
Charlotte, NC 8.47%
Huntsville, AL 8.62%
Roanoke, VA 9.13%
Knoxville, TN 7.15%
Chattanooga, TN 6.41%
Anderson, SC 5.22%
Hickory, NC 4.89%
Which major metros are declining?
Punta Gorda, FL -4.57%
Sacramento-Arden-Arcade-Roseville, CA -4.41
Modesto, CA -4.38
Merced, CA -4.19
Reno-Sparks, NV -3.97
Stockton, CA -3.97
Santa Barbara-Santa Maria-Goleta, CA -3.92
Santa Rosa-Petaluma, CA -3.63
Yuba City, CA -3.20
San Luis Obispo-Paso Robles, CA -3.15
Bay City, MI -3.12
Salinas, CA -3.12
Detroit-Livonia-Dearborn, MI -2.99
Santa Cruz-Watsonville, CA -2.43
Flint, MI -2.28
Cape Coral-Fort Myers, FL -2.17
West Palm Beach-Boca Raton-Boynton Beach, FL -2.16
Oxnard-Thousand Oaks-Ventura, CA -2.08
Palm Bay-Melbourne-Titusville, FL -2.07
San Diego-Carlsbad-San Marcos, CA -1.93
Fort Walton Beach-Crestview-Destin, FL -1.85
Sarasota-Bradenton-Venice, FL -1.77
Warren-Troy-Farmington Hills, MI -1.76
Vallejo-Fairfield, CA -1.75
Redding, CA -1.58
Greeley, CO -1.56
Appleton, WI -1.41
Kokomo, IN -1.38
Boston-Quincy, MA -1.32
Napa, CA -1.21
Worcester, MA -1.10
Lima, OH -0.99
Saginaw-Saginaw Township North, MI -0.95
Port St. Lucie, FL -0.92
Chico, CA -0.92
Oakland-Fremont-Hayward, CA -0.90
Naples-Marco Island, FL -0.79
Springfield, OH -0.69
Peabody, MA -0.63
Anderson, IN -0.60
Akron, OH -0.50
Cambridge-Newton-Framingham, MA -0.50
Barnstable Town, MA -0.40
Cleveland-Elmyra-Mentor, OH -0.31
Muskegon-North Shores, MI -0.24
Jackson, MI -0.18
Which markets are overheating? 1-year house price appreciation:
Wenatchee, WA 25.60%
Provo-Orem, UT 19.67
Salt Lake City, UT 19.12
Grand Junction, CO 16.82
Ogden-Clearfield, UT 15.70
Gulfport-Biloxi, MS 15.16
Myrtle Beach-Conway-North Myrtle Beach, SC 14.87
Boise City-Nampa, ID 14.54
Corvallis, OR 13.87
Bend, OR 13.67
Spokane, WA 13.64
Asheville, NC 13.57
Salem, OR 13.44
Longview, WA 12.89
Las Cruces, NM 12.62
Seattle-Bellevue-Everett, WA 12.56
Albuquerque, NM 12.18
Wilmington, NC 12.14
Tacoma, WA 11.90
Fayetteville, NC 11.71
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Links:
*Downtown Kingsport www.downtownkingsport.org
*City of Kingsport www.kingsportdevelopmentservices.com
*Small Business www.kingsportchamber.org/kedp/sbSmBusSuprt.htm
*Kingsport-Bristol-Sullivan County www.networkstn.com
*Tri-Cities Region www.tricitiesedalliance.com
*State of Tennessee www.state.tn.us/ecd
*Tri-Cities Regional Airport, Air Cargo & Foreign Trade Zone www.triflight.com
