Hot off the press at CNNMoney.com, The Beaumont-Port Arthur area bucked the national trend. Our median home prices jumped 16.7% in the fourth quarter of 2008 to $132,600-the highest increase in the nation.
The National Association of Realtors home sales report from the fourth quarter of 2008 reports home prices dropped an average of 12.4% in the final quarter of 2008. That's the biggest decline in 30 years according to records kept by NAR. The distressed properties, short sales, and foreclosure sales in certain parts of the country are responsible for driving home prices down, according to NAR.
So how does it feel to live in the top real estate market in the country? Beaumont-Port Arthur's increase of 16.7% is the highest in the nation.
Here's a look at some of the other metro areas and their fourth quarter homes prices.
You can see the whole report click here. Or you can read about it CNNMoney.com . As a local REALTOR, in my experience, we have the best of both worlds right now. Our real estate market was not over appreciating back in 2005 when the Florida and California real estate markets were being driven by speculation and investor buyers. We have a stable economy, and stable job growth. We don't have an excess of inventory. There wasn't an boom of home construction that led to an over supply. Right now our area has a great balance. Sellers can't ask outrageous amounts for their homes because there are enough other competing homes available. Buyers can't low-ball and expect to buy a home at 60 cents on a dollar as they can in the hardest hit foreclosure markets. Its just a good, fair, level playing field. That's what we should all hope for in our local housing market.
If we start seeing homes appreciate at 20% or more a year for a few years, that could be a sign of danger. Just ask someone that bought a home in Fort Myers, Florida (the hottest real estate market in the country back in 2005). But we can worry about over appreciation another day.
For now, let's take our 16.7% home appreciation and be happy we live in the hottest market in the nation- Beaumont, Texas!
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