|Local home prices buck national trend|
|Tuesday, 26 October 2010 18:24|
A report from The Associated Press says home prices across the country are weakening, but Rapid City realtors say that's not the case in the Black Hills. The AP says areas across the country that were once showing strength are now going downhill. The largest drops from July to August were in Phoenix, Los Angeles and San Francisco. But in Rapid City some local realtors say the effects those large cities are seeing are uncommon for this area.
Real estate agent Ron Kroeger says, "The Rapid City area is very fortunate, of course, we don't have the high employment for businesses coming in, and we don't have the big layoffs. So, as a whole I think every business in the Rapid City area maintains an even keel basically."
Real estate sales in the Rapid City area are up 2-percent over the past year and in the last three months close to 119 homes have been sold.