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Some parts of USA still seeing rising prices

Catherine Deshayes

Whilst many American states have seen dramatic falls in prices in the current market conditions, there are some areas which have weathered the storms, and are even seeing prices rises.

America has been suffering through the worst property slump since the Depression.

Florida and California were amongst the states that suffered the most dramatic price falls, facing decreases of 40 per cent in some areas.

During the second quarter of this year, Fort Lauderdale in Florida experienced a 19.3 per cent decline. However, Greenville, South Carolina, just 300 miles away from Fort Lauderdale, experienced a 5.1 per cent rise over the same period.

Real estate experts told the Times newspaper that those places which did not see prices rise as much in the recent boom years and had a low proportion of sub-prime buyers are now seeing prices increase despite the trend elsewhere.

Texas, North and South Carolina, Rhode Island and upstate New York, are all seeing increases as their differing economic trends ensure the local markets continue to do well.

The recent Knight Frank global property survey also showed some areas enjoying price increases, noting Oklahoma as one state in particular that has bucked the trend, with an average house price increase of 4.9 per cent in the past year.

The Knight Frank survey also stated that there is evidence of a recovery in some large cities.

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