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But region doing better than many parts of nation

Area home prices remain down

Area home prices remain down
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Home prices fell in November in parts of Northwest Indiana, but the region fared better than other areas of the nation.

The median selling price of a home in Lake County dropped to $108,000 for the month, down 10 percent from $120,000 a year earlier, according to information from the Greater Northwest Indiana Association of Realtors.

In Porter County, the November median selling price increased by 6 percent from a year earlier to $185,000, bucking a nationwide trend.

For the two counties combined, the median selling price hit $129,900, a 3.8 percent drop from November 2006.

A report released earlier this week showed U.S. home prices falling in October for the 10th consecutive month, posing the largest monthly drop since early 1991.

The record 6.7 percent drop in the Standard & Poor's Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined.

Among the 20 metropolitan areas used in the broader index, 11 posted record monthly declines and all 20 declined in October compared to September.

Among the worst-performing cities were Miami and Tampa, where prices fell by about 12 percent, and Las Vegas, Phoenix and San Diego, which also posted double-digit decreases.

Home prices fell by 3.2 percent in the Chicago metropolitan area, according to the report.

The Northwest Indiana housing market has remained relatively stable compared to other parts of the country, said Herm Hoge, of ReMax Realty Associates in Munster.

Home prices in some Florida and California markets climbed by 30 to 40 percent every year for the last five years, Hoge said.

"All of a sudden that's not happening," he said. "That's the problem when you look at national numbers. There are so many extremes."

With home prices stabilizing, "It's a buyer's market," Hoge said.

"Values are definitely not higher than they were and interest rates are still extremely low," at around 6.5 percent, Hoge said.

Northwest Indiana continues to attract home buyers from the Illinois state line, Hoge said.

-- The Associated Press contributed to this story.

Copyright 2012 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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