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Cities had higher home prices drops in recession


WASHINGTON – Nov. 14, 2013 – A new housing brief from the U.S. Census Bureau shows that median home values in many small counties across the U.S. held steady after the most recent recession while values in large counties – many home to cities – declined.

The findings come from the Census Bureau’s brief, Home Value and Homeownership Rates: Recession and Post-Recession Comparisons From 2007-2009 to 2010-2012. It’s based on American Community Survey three-year estimates on homeownership rates and home values for smaller areas.

In 66.9 percent of the nation’s 1,038 smaller counties (populations between 20,000 and 65,000), the median home value in the post-recession period of 2010-2012 was not statistically different from the recession period of 2007-2009. Similarly, the median home values in 37 of the 50 smallest counties were not statistically different from the recession period.

In contrast, median home values in 43 of the 50 largest counties declined over the same period. Nationally, the median home value was $174,600 in the post-recession period – a $17,300 decline from the recession period of 2007-2009.

Homeownership rates

Nationally, the homeownership rate declined by 1.7 percent to 64.7 percent in 2010-2012 from the previous three-year period. The change in homeownership rates from the previous three-year period for the 50 most populous counties ranged from a decrease of 0.4 percent in Westchester County, N.Y., to a decrease of 4.7 percent in Maricopa County, Ariz.

The 50 least populous counties ranged from a decrease of 9.5 percent in Warren County, N.C., to an increase of 8.5 percent in Gonzales County, Texas.

The District of Columbia had the lowest homeownership rate at 41.6 percent followed by New York at 53.9 percent. West Virginia had the highest homeownership rate (72.9 percent) and lowest median home value ($98,300), while Hawaii had the highest median home value ($503,100) in 2010-2012.

Only nine states did not show a significant change in homeownership rates between the recession and post-recession periods; all other states had lower homeownership rates.

Of the 50 largest metropolitan areas in terms of population, 49 had a significant decrease in their homeownership rates. The only metropolitan area whose homeownership rate did not decline from 2007-2009 to 2010-2012 was the Oklahoma City area, which was unchanged at 65.2 percent.

Other findings

• Between 2007-2009 and 2010-2012, the median home value decreased in the U.S. as well as 28 states. It increased in 19 states.

• Of the smaller counties, McDowell County, W.Va., had the lowest median home value at $39,900, and Teton County, Wyo., had the highest median home value at $705,600.

© 2013 Florida Realtors®

Related Topics: Research