Housing Price Appreciation
Development Authority of Richmond County
Historic Enterprise Mill
1450 Greene Street
Augusta, GA 30901706-821-1321
For Additional Information:
Walter C. Sprouse, Jr., CEcD, CCE, FM
FOR IMMEDIATE RELEASE
December 3, 2008
Augusta Second in the Nation in Housing Price Appreciation, Bucking the Trend
Augusta's housing is showing no effects of the nationwide downturn in house prices, according to an article by Marilyn Lewis of MSN Money.
In a nationwide article released last week by MSN, Augusta ranks #2 out of 292 metropolitan areas in the United States with the best housing appreciation over the past year. Housing values in the Augusta metro area have increased by 5.5% since 2007.
The best housing appreciation gains were in Austin, Texas with 5.6%, following by Augusta, Rapid City, South Dakota at 5.4%, Houston, Texas at 5.2% and the Houma-Bayou, Louisiana area at 5.2%.
The worst decline by a metropolitan area was Merced, CA with a yearly decrease in housing value by -42.3%. Other big drops, according to MSN Money, were five other mid-size California cities, Stockton (-41.4%), Modesto (-36.7%), Salinas (-34.1%), Vallejo (-33.3%), Riverside (-31.5%), and Bakersfield (-28.5%).
Ms. Lewis quoted Patrick Lawler, the chief economist with the Federal Housing Finance Agency, who said, "While housing affordability has improved and may have drawn in some new buyers, it seems that high inventory levels and buyer uncertainty have had the dominant impact on prices."
Augusta Mayor Deke Copenhaver said, "Many homeowners in various areas of the country are seeing their home...their main investment...lose money, but not in Augusta. I think we can all be proud of the fact that an investment in a home in Augusta remains a good investment."
Development Authority of Richmond County Vice-Chair Peggy Golosky said, "The recent influx of new jobs to Augusta has contributed to the stabilization of housing prices. We can show our prospects that an investment in a home in the Augusta metro area is a good investment for years to come, and that is important to our economic development marketing efforts."
The entire article is attached to this press release.
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