Home prices in Delaware lag behind national numbers

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screen-shot-2016-10-13-at-7-54-22-pmDelaware home prices continue to lag behind the national average.

The most recent report for July from CoreLogic showed that Delaware home prices were down two-tenths of one percent in July when compared to June.  The year-to-year gain for July was four-tenths of one percent.

By contrast, the national home market rose 1.1 percent between June and July and 6 percent during the period between July 2015 and July 2016.

The July figures for the nation were slightly above Core Logic’s forecast, with forecasts for Delaware coming in below the actual figures. Figures for Maryland and Pennsylvania were also below CoreLogic forecasts.

The northern Delaware market has been affected by 1,700 job cuts at DuPont Co. and the loss of middle management jobs at other companies over the years. Income growth has also been sluggish.

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The cuts have also affected the higher-priced end of the market while a shortage of lower priced homes has been reported by some agents who have been looking for listings.

The Sussex County market has also slowed down after strong performances in recent years.

A  more recent report from the TREND multiple listing services indicated that the average home price in new Castle County sold for $216,000 in September, down from $219,000 during the same period a year ago. Home sales in September in New Castle County rose to 582, compared to 555

In Kent County, the average home price in September was $210,000, compared to $188,000 during the same month a year ago. Home sales in Kent County totaled 160 in September, compared to 198 during the same month in 2015.

Figures from Sussex County come from a separate multiple listing services..

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