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In most parts of the country, single-family homes are solid financial investments. The median price for an existing home has increased 7.4 percent the past year.
Housing prices vary from region to region, but according to the National Association of Realtors quarterly survey, the median home price across the nation was $150,900 in the first quarter of 2002, up from $139,700 in the first quarter last year.
The highest jump in home values occurred in Worcester, Mass. Single-family home prices increased 25.2 percent, followed by Atlantic City, N.J., at 21.8 percent and Providence, R.I., at 19.3 percent. Home values fell the sharpest in Beaumont, Texas. Values in this Texas city, the hometown of country star George Jones, fell 8.1 percent followed by declines of 7.6 percent in Peoria, Ill., and 6.3 percent in Springfield, Mo.
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