Sorry! Your answer is wrong. Housing prices in Western New York rose 5.5% between 1991 and 2002. Taking inflation into account, local home prices actually decreased by 19%. For details, please look below at a slide from our Online Sprawl Presentation.


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Housing prices here stagnated locally for more than a decade, rising just 5.5% between 1991 and 2002. If you take inflation into account, local home prices actually dropped nearly 19% in that period. Recent indications are that there has been an upturn. According to forecast-chart.com, home values in this region rose 33% from 2002 to 2012, staying slightly ahead of about 28% inflation for that period. However, this area is still far behind the national average for housing values. Ironically, if assessed values decline, property taxes need to be raised in order to maintain current levels of services.

 

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