Home Price Indexes Provide Detail on Regional Housing Market
The new Housing Market Recovery webpage provides a series of interactive visuals to display where and to what extent home prices have recovered, and highlights the effect on home equity and home affordability. For example, in one map, users can compare county-level median home prices in 2012 to prices in previous years. Another chart, meanwhile, compares home price indexes for select parts of the region relative to the national home price peak in 2006.
The Housing Market Recovery tool is part of the New York Fed’s continued commitment to provide policymakers, the public and other stakeholders useful information about the region.
The data show considerable variation across regional counties. For example:
Median home prices have come back to peak levels in 35 percent of counties, mainly in upstate New York.
As of September, 82 percent of the region’s counties have experienced a rise in home prices during 2012 suggesting that local markets may have bottomed.
Affordability may have increased across the region, as evidenced by the increase in the number of counties in which the median household could afford a median-priced home.
Brooklyn and Manhattan home price indexes, both including and excluding distressed sales, were above their 2006 level, while Bronx, Queens and Staten Island indexes remained below.
Home price indexes in all New Jersey and Connecticut counties remain below levels reached in 2006.
The tool will be updated as more information becomes available.
Housing Market Recovery in the Region »
About Regional & Community Outreach at the New York Fed
The Federal Reserve Bank of New York regional outreach mission is to promote sustained economic vitality by leveraging the Banks strengths to benefit the people in the District. The New York Fed is also active in maintaining connections with the District’s people and key communities in order to inform Bank policy decisions and build support for sound monetary and regulatory policy.
Information Source: Media Newswire