Posts tagged: zillow
We gladly pass along interesting web comments that reflect on Spokane and the area's business climate.
Here's a recent blog entry from the chief economist of Zillow, the Seattle property-data and property-price service. The author, Stan Humphries, said that larger cities and especially big cities on the coasts, will face continuing increases in cost of living. That will help change the housing dynamic, he argues, in a post titled: Small Cities Will be the Best Housing Markets for the Next 20 Years.
The post appeared at the following link: http://www.businessinsider.com/people-still-want-to-buy-homes-but-theyll-have-to-move-to-smaller-cities-to-afford-them-2012-6#ixzz1z79Herv1
The key remarks are:
With all that said, in 20 years, do I think that most folks are going to be moving into the cities as some suggest? No, I don’t. My best guess is that the biggest winners in the housing market two decades from now are going to be small- to mid-sized cities, some close to larger metros and others more distant.
Specifically, I’m talking about communities like Austin (TX), Savannah (GA), Athens (GA), Rochester (NY), Boulder (CO), Madison (WI), Knoxville (TN), and Spokane (WA)
Spokane home prices held up better than those for Seattle and Portland during the year ended June 30, according to on-line price tracker Zillow.
At $158,900, the median price in Spokane slipped 2.6 percent, compared with 5.9 percent for Seattle and 7.1 percent for Portland, where prices were $288,900 and $230,200, respectively.
Prices in Bend, Ore., sank by 21.8 percent, the most in the United States. Prices recovered most strongly in previously hard-hit California markets like San Diego, where prices increased 7.3 percent.
The Spokane Association of Realtors Monday reported a median price decrease of 3.4 percent for August compared with August 2009.