Major City Where Home Prices Have Recently Declined
Q: Are home prices rising everywhere nationally? Sarah, Brooklyn, NY
A: The Case-Shiller Index condo price index in New York City fell in April from March, down 0.5%. A one month dip does not a trend make, nevertheless it is remarkable that the one major city where prices have dipped is in the Big Apple where real estate prices have been on fire for some time. Incidentally, rents have also come down a little recently in Manhattan as well.
In general, prices cannot continue to go up forever in any place which is why it’s so important that you track and monitor your local real estate market.
Thanks for your question, Sarah. For more real estate information and tips visit my blog at geraldlucas.com.