New York City housing prices slightly behind national real estate gains
When searching the United States for available for-sale properties, make sure you consider the real estate in New York, NY. There has recently been significant optimism for the recovery in the U.S. housing market, and while communities in New York City may still be struggling, there are good deals awaiting your arrival.
The S&P/Case-Shiller home price index showed that prices in the 20 largest U.S. metros grew at a seasonally adjusted rate of 0.9 percent in May 2012 compared to April 2012, but values were still down 0.7 percent from May 2011. However, New York City saw a slightly different story. Currently, price appreciation was non-existent - up 0.6 percent month-over-month, and it is still down 2.8 percent year-over-year.
If you plan to relocate to the Big Apple, you may find that asking prices are much lower than you'd expect, so there are many opportunities to buy that you may want to take advantage of soon. As home prices improve nationwide, New York City may be slightly behind, but the metro area won't be for long, so buy now.