Tri-Cities Home Prices Increasing, National Prices Declining
KENNEWICK, Wash.-- The Tri-Cities area is named the top housing market in the US, according to a CNNMoney.com article and Fiserv survey.
It says home prices in the Tri-Cities region have jumped 8.9% over the past three years, and are expected to increase another 3.4% by June 2010. This is in contrast to data that forecasts national home prices to drop more than 11%. Also, home values are predicted to drop in 342 of 381 markets in the next year.
The Tri-Cities is one of the few markets where home values aren't expected to drop next year. Paul Roy, Manager of Coldwell Banker Tomlinson Assoc. Brokers, says the job growth in our region is what has kept our market strong. He says, "There's been a great growth going on in many industries in the Tri-Cities. Our transportation, our medical industries, Hanford. We have a university now. All this growth, is creating more growth."
Roy also says as a result of that, we're facing a housing shortage, which helps appreciation and home values.