Urban Homebuyers See a Silver Lining?

There was a great story over at NPR this week about consumers who work in major cities flocking back to urban areas to take advantage of shorter commutes (and, thus, less gas consumption — something becoming more and more of a factor), closer amenities such as shopping and cultural attractions and more time-efficient living (imagine — no more mowing that acre of grass every week!).

Urban homebuilders must be delighted to see their average home’s selling price staying stable, if not rising (the NPR story mentioned median home prices in the city actually increasing 3.5% compared to a year ago). It would seem the allure of home “bigger and better” on the outskirts of metropolitan areas have lost their charm in the face of $120/barrel oil and $4 a gallon gas.