Johnson City Press Thursday, October 23, 2014
Business & Technology

City home prices dip over year

August 30th, 2011 9:56 pm by Kate Prahlad

Home prices in the Johnson City metro area have fallen 3.6 percent since the second quarter of 2010, but remain almost 4.3 percent higher than five years ago, according to a report from the Federal Housing Finance Agency.
The FHFA’s House Price Index, which is calculated using data from Fannie Mae- and Freddie Mac-acquired mortgages, ranked the Johnson City region as 157th out of 308 metro areas nationwide for its year-over-year price change.
When it comes to five-year appreciation rates, Johnson City is about 45th in the longer-term look.
Nationally, the all-transactions HPI (using mortgage data from both purchases and refinancings) for 2011’s second quarter dropped 4.5 percent since the same period one year ago, and 1.9 percent from the previous quarter.
Bismarck, N.D., posted the nation’s best year-over-year second quarter increase in the HPI, with an appreciation of 6.09 percent in the metro area. Home prices there have risen 2.18 percent since the first quarter of the year, and almost 18 percent over a five-year time span.
The next closest appreciation rate to Bismarck’s was the Blacksburg-Christiansburg-Radford area in Virginia, with a one-year appreciation of 1.79 percent.
Boise City-Nampa, Idaho, had the worst showing of the 308 ranked metro areas. In that region, home prices fell by more than 16 percent on an annual basis, and have dropped around 35 percent from five years ago.
For the purchase-only HPI, U.S. home prices and those in Tennessee were both 5.9 percent lower than in 2010’s second quarter. Tennessee home prices are almost 1 percent lower than in the first quarter of 2011, down 7.5 percent in a five-year period, and up nearly 78 percent since 1991’s values.
The HPI is used to broadly measure the fluctuation of single-family house prices at various geographic levels, from nationwide to metro area specific.

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