Home values in New England fell at a slower pace last year, suggesting prices may be nearing a bottom, according to the latest RE/MAX of New England Housing Market Outlook Report.
The report is cautiously optimistic since home prices are showing signs of stability.
One of the states surveyed — Vermont — noted an uptick in home values in 2011, making it the only state in the region to see an increase in home values.
The median, single-family home price in Maine edged down a slight 0.18% to $206,329 in 2011, compared to $206,697 a year ago.
Rhode Island saw home prices decline just 1.8%, with the median price hitting $266,256, compared to $271,370 last year.
Connecticut and Massachusetts also watched home prices drop slightly. In Connecticut, the median 2011 sales price hit $606,673, compared to $618,560 a year ago.
Massachusetts home prices held for the most part on a diversified economy and an active luxury home sector. Prices in the state fell a modest 0.4% to $376,925 in 2010 from $375,439 in 2011.
In New Hampshire, home values fell at a steeper rate of 4.1% from $255,493 in 2010 to $245,015.
The author of this article is: Kerri Panchuk
See the original post at: http://www.housingwire.com/2012/01/19/new-england-markets-near-home-price-bottom-remax
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New England markets near home price bottom: RE/MAX: News GayRealEstate http://gayrealestate.typepad.com/gayrealestate_usa/2012/01/new-england-markets-near-home-price-bottom-remax.html #realtor #realestate
Posted by: Gay Real Estate News ~ GayRealEstate.com | Friday, January 20, 2012 at 04:35 PM