Midwest employment, housing on a roll

A new national economic development study comparing changes in factors including employment rates, overall population and housing prices found the Midwest fared better overall than many of its regional counterparts during the most recent recession.

The study, compiled by the Columbus (Ohio) Chamber of Commerce, includes data for 32 cities and Metropolitan Statistical Areas (MSAs) ranging from Los Angeles and New York to Detroit and Atlanta. The cities and MSAs were compared across seven key categories to determine overall economic health and signs of growth during the recession. Some of the Midwest locales examined were strong in employment and housing price stability.

Sales of existing homes in Florida rose 27% in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors. Another positive sign: April’s statewide existing-home median price of $140,100 was 1% higher than the statewide median price in April 2009. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in April, while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 22 consecutive months.

A new study compiled by Neglia Appraisals Inc. confirmed that average prices for most residential properties in New York City continued their decline through the end of 2009. The good news is that sales volume increased dramatically in 2009 compared to 2008. Some sectors showed a 100% increase in sales in 2009, with the outer boroughs exhibiting the most strength. Almost every property type in the four outer boroughs had more than 50% higher volume in 2009 than 2008—Staten Island was the strongest, with volume increasing 91% for single-family homes and 100% for condos.