Home prices continue to fall

The latest quarterly report from Realtors shows significant drops in markets across the nation.

Subscribe to Real Estate
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Les Christie, CNNMoney.com staff writer

Mortgage Rates
30 yr fixed 3.99%
15 yr fixed 3.06%
5/1 ARM 3.20%
30 yr refi 4.00%
15 yr refi 3.08%

Find personalized rates:
 

Rates provided by Bankrate.com.

NEW YORK (CNNMoney.com) -- Housing price drops, driven by soaring foreclosure rates, accelerated during the three months ended September 30, according to the latest data from the National Association of Realtors (NAR).

The median single-family house price in the United States fell to $220,800, which was down 2 percent from a year ago. Condo prices showed some resiliency: At $226,900, they rose 2 percent compared with 12 months ago.

"The biggest decline in sales appears to be concentrated in areas that had significant levels of speculative investment, including Nevada, Florida and Arizona," Lawrence Yun, NAR's chief economist, said in a statement.

Most declines occurred either in once hot markets or Rust-Belt areas clobbered by economic setbacks and job losses, like Detroit and Cleveland.

The Palm Bay/Melbourne, Fla. area recorded the steepest loss. Prices there plunged 12.4 percent to $182,400. Close behind was Sacramento, Calif. with a decline of 10.5 percent to $335,700.

Some metro areas bucked the national trend. In the heartland, Bismarck, N.D. prices were strongly positive with a growth rate of 15.1 percent to $161,600 compared with a year ago, . Salt Lake City also recorded a big gain, with prices up 14.1 percent to $246,700.

Regionally, the best performing area was the Northeast, where the median home price rose 3.2 percent to $286,300. In the Midwest, the median price, at $170,800, was up 0.5 percent. Prices in the South fell 3.6 percent to $180,800, and in the West, they dropped 3.8 percent to $338,100.

Many of the worst hit cities have also recently recorded high rates of foreclosure. In Detroit, where one of every 33 households is in some stage of default, prices declined 7.3 percent to $142,900. Riverside/San Bernardino, Calif. prices dropped 7.6 percent to $377,000. And Cleveland prices fell 4.2 percent to $132,700.

Condo prices fell 17.3 percent in Cape Cora, Fla. to $224,900, the steepest decline in the nation. In Bismarck, they rose 22.3 percent to $133,300, for the highest gain.

The highest priced metro area market is San Jose, Calif. where prices grew 9.4 percent over the past 12 months to $852,500. San Francisco trailed slightly, at $825,400.

The lowest priced market is Youngstown, Ohio, at $81,600. To top of page

NAR 3rd quarter 2007 home prices
Metro Area State Median Price
3Q 2007 
% Change
(1-yr)
U.S. $220,800 -2.0%
NE $286,300 3.2%
MW $170,800 0.5%
SO $180,800 -3.6%
WE $338,100 -3.8%
Akron OH $124,700 6.9%
Albany-Schenectady-Troy NY $204,500 3.5%
Albuquerque NM $204,800 7.2%
Allentown-Bethlehem-Easton PA - NJ $272,900 1.1%
Amarillo TX $123,100 1.9%
Appleton WI $128,500 0.8%
Atlanta-Sandy Springs-Marietta GA $175,300 -0.5%
Atlantic City NJ $273,100 6.2%
Austin-Round Rock TX $188,200 7.2%
Baltimore-Towson MD $291,400 1.7%
Barnstable Town NA $400,600 3.1%
Baton Rouge LA $176,700 -1.0%
Beaumont-Port Arthur TX $129,100 10.2%
Binghamton NY $119,600 11.4%
Birmingham-Hoover AL $165,900 0.4%
Bismarck ND $161,600 15.1%
Bloomington-Normal IL $155,800 -0.3%
Boise City-Nampa ID $209,000 Unch
Boston-Cambridge-Quincy** MA - NH $414,700 0.6%
Boulder CO $367,500 Unch
Bridgeport-Stamford-Norwalk CT $491,100 2.3%
Buffalo-Niagara Falls NY $110,900 4.6%
Canton-Massillon OH $115,700 3.0%
Cape Coral-Fort Myers FL $236,700 -7.3%
Cedar Rapids IA N/A N/A
Champaign-Urbana IL $142,600 -3.9%
Charleston WV $123,400 4.1%
Charleston-North Charleston SC $212,300 -1.8%
Charlotte-Gastonia-Concord NC - SC $220,100 11.0%
Chattanooga TN - GA $133,200 -2.1%
Chicago-Naperville-Joliet IL $286,400 2.5%
Cincinnati-Middletown OH - KY - IN $145,300 0.3%
Cleveland-Elyria-Mentor OH $132,700 -4.2%
Colordo Springs CO $222,400 -0.7%
Columbia SC $149,500 6.7%
Columbus OH $151,600 0.1%
Corpus Christi TX $140,500 7.6%
Cumberland WV $107,700 6.7%
Dallas-Fort Worth-Arlington TX $146,800 -3.0%
Danville IL N/A N/A
Davenport-Moline-Rock Island IA - IL $114,600 2.8%
Dayton OH $121,400 -0.8%
Decatur IL $85,900 -0.1%
Deltona-Daytona Beach-Ormond Beach FL $195,000 -3.2%
Denver-Aurora CO $254,100 0.4%
Des Moines IA $153,900 5.5%
Detroit-Warren-Livonia MI $142,900 -7.3%
Dover DE $219,800 2.3%
Durham NC $186,900 6.2%
Elmira NY $93,300 -0.3%
El Paso TX $135,800 4.5%
Erie PA $103,800 0.2%
Eugene-Springfield OR $241,900 3.0%
Fargo ND - MN $145,700 6.1%
Farmington NM $190,400 8.1%
Anaheim-Santa Ana CA $700,700 -0.6%
Ft. Wayne IN $101,300 -0.1%
Gainesville FL $206,600 -4.0%
Gary-Hammond IN $144,300 6.7%
Glens Falls NY $170,700 4.0%
Grand Rapids MI $128,600 -5.9%
Green Bay WI $162,900 7.2%
Greensboro-High Point NC $155,500 2.4%
Greenville SC $159,600 2.1%
Gulfport-Biloxi MS $159,200 3.1%
Hagerstown-Martinsburg MD - WV $208,400 -8.0%
Hartford-West Hartford-East Hartford CT $270,100 0.7%
Honolulu HI $649,900 2.3%
Houston-Baytown-Sugar Land TX $155,800 2.0%
Indianapolis IN $123,500 0.9%
Jackson MS $145,400 -2.2%
Jacksonville FL $189,200 -3.5%
Kalamazoo-Portage MI N/A N/A
Kankakee-Bradley IL $142,100 2.7%
Kansas City MO - KS $157,000 -0.7%
Kennewick-Richland-Pasco WA $172,300 3.4%
Kingston NY $269,500 1.2%
Knoxville TN $158,400 3.2%
Lansing-E.Lansing MI $133,700 -4.4%
Las Vegas-Paradise NV $295,500 -7.1%
Lexington-Fayette KY $150,100 0.7%
Lincoln NE $138,800 0.7%
Little Rock-N. Little Rock AR $131,600 2.1%
Los Angeles-Long Beach-Santa Ana CA $588,400 1.1%
Louisville KY - IN $141,900 -0.4%
Madison WI $234,500 3.0%
Memphis TN - MS - AR $141,300 -2.8%
Miami-Fort Lauderdale-Miami Beach FL $346,800 -5.2%
Milwaukee-Waukesha-West Allis WI $231,100 3.0%
Minneapolis-St. Paul-Bloomington MN - WI $229,600 -1.7%
Mobile AL $136,300 -0.9%
Montgomery AL $148,400 1.7%
Nashville-Davidson--Murfreesboro TN N/A N/A
New Haven-Milford CT $292,400 -1.7%
New Orleans-Metairie-Kenner LA $160,200 -8.2%
New York-Northern New Jersey-Long Island NY - NJ - PA $476,100 -0.6%
New York-Wayne-White Plains NY - NJ $550,900 3.6%
NY: Edison NJ $391,800 -5.7%
NY: Nassau-Suffolk NY $470,000 -0.4%
NY: Newark-Union NJ - PA $459,700 0.9%
Norwich-New London CT $266,000 0.9%
Ocala FL $160,800 -6.0%
Oklahoma City OK $130,000 2.4%
Omaha NE - IA $142,800 2.1%
Orlando FL $266,800 -1.5%
Palm Bay-Melbourne-Titusville FL $182,400 -12.4%
Pensacola-Ferry Pass-Brent FL $170,000 0.8%
Peoria IL $125,200 4.9%
Philadelphia-Camden-Wilmington PA - NJ - DE "MD $243,000 2.9%
Phoenix-Mesa-Scottsdale AZ $255,500 -4.1%
Pittsburgh PA $127,700 6.1%
Pittsfield MA $215,300 4.5%
Portland-South Portland-Biddeford ME $245,900 0.6%
Portland-Vancouver-Beaverton OE - WA $299,700 5.2%
Providence-New Bedford-Fall River RI - MA $291,000 -1.7%
Raleigh-Cary NC $229,500 7.5%
Reading PA $162,900 7.0%
Reno-Sparks NV $317,300 -7.1%
Richmond VA $238,800 3.2%
Riverside-San Bernardino-Ontario CA $377,000 -7.6%
Rochester NY $123,000 1.0%
Rockford IL $125,100 2.3%
Sacramento--Arden-Arcade--Roseville CA $335,700 -10.5%
Saginaw-Saginaw Township North MI $84,900 N/A
Saint Louis MO - IL $150,500 -2.5%
Salem OR $235,400 3.2%
Salt Lake City UT $246,700 14.1%
San Antonio TX $154,700 5.7%
San Diego-Carlsbad-San Marcos CA $589,300 -2.1%
San Francisco-Oakland-Fremont CA $825,400 8.6%
San Jose-Sunnyvale-Santa Clara CA $852,500 9.4%
Sarasota-Bradenton-Venice FL $287,400 -10.4%
Seattle-Tacoma-Bellevue WA $394,700 6.0%
Shreveport-Bossier City LA $140,200 6.2%
Sioux Falls SD $147,100 5.1%
South Bend-Mishawaka IN $95,200 -0.8%
Spartanburg SC $134,400 5.1%
Spokane WA $206,800 8.2%
Springfield IL $111,200 -1.8%
Springfield MA $214,900 -1.8%
Springfield MO $127,000 Unch
Syracuse NY $124,900 0.6%
Tallahassee FL $174,300 -1.5%
Tampa-St.Petersburg-Clearwater FL $218,300 -6.7%
Toledo OH $107,100 -7.2%
Topeka KS $117,100 4.3%
Trenton-Ewing NJ $328,600 6.0%
Tucson AZ $244,800 0.5%
Tulsa OK N/A N/A
Virginia Beach-Norfolk-Newport News VA - NC $255,000 4.6%
Washington-Arlington-Alexandria DC - VA - MD "WV $438,000 1.3%
Waterloo/Cedar Falls IA $115,800 2.0%
Wichita KS $118,800 5.7%
Worcester MA $282,800 -0.9%
Yakima WA $163,200 13.6%
Youngstown-Warren-Boardman OH - PA $81,600 -5.1%
Metro Area State Median Price
3Q 2007 
% Change
(1-yr)
U.S. $226,900 2.0%
NE $259,800 4.4%
MW $199,900 4.0%
SO $183,200 0.0%
WE $257,900 -2.3%
Albuquerque NM $151,000 -1.5%
Atlanta-Sandy Springs-Marietta GA $147,800 -5.0%
Austin-Round Rock TX $171,700 19.2%
Baltimore-Towson MD $241,100 2.9%
Bismarck ND $133,300 22.3%
Boston-Cambridge-Quincy MA - NH $316,000 5.1%
Boulder CO $209,400 2.2%
Bridgeport-Stamford-Norwalk CT $274,500 -3.2%
Cape Coral-Fort Myers FL $224,900 -17.3%
Chicago-Naperville-Joliet IL $236,800 4.8%
Cincinnati-Middletown OH - KY - IN $117,500 2.4%
Cleveland-Elyria-Mentor OH $123,400 1.2%
Colorado Springs CO $159,000 2.7%
Columbus OH $129,200 4.3%
Dallas-Fort Worth-Arlington TX $134,900 14.5%
Greensboro-High Point NC $121,600 7.6%
Hartford-West Hartford-East Hartford CT $176,100 1.1%
Honolulu HI $330,000 4.8%
Houston-Baytown-Sugar Land TX $124,100 3.8%
Indianapolis IN $131,800 3.2%
Jacksonville FL $154,100 -7.6%
Knoxville TN $169,000 10.1%
Las Vegas-Paradise NV $188,200 -8.2%
Los Angeles-Long Beach-Santa Ana CA $388,800 1.1%
Louisville KY - IN $124,600 4.2%
Madison WI $166,500 4.5%
Miami-Fort Lauderdale-Miami Beach FL $186,100 -2.0%
Milwaukee-Waukesha-West Allis WI $172,700 2.4%
New Haven-Milford CT $187,100 2.4%
New Orleans-Metairie-Kenner LA $160,000 -12.1%
New York-Wayne-White Plains NY - NJ $336,100 2.6%
NY: Newark-Union NJ - PA $312,400 -4.2%
NY:Edison NJ $285,400 -2.9%
NY:Nassau-Suffolk NY $255,200 4.4%
Norwich-New London CT $191,000 3.0%
Palm Bay-Melbourne-Titusville FL $161,600 -9.0%
Philadelphia-Camden-Wilmington PA - NJ - DE - MD $195,900 1.1%
Phoenix-Mesa-Scottsdale AZ $184,900 1.8%
Portland-South Portland-Biddeford ME $206,800 0.5%
Portland-Vancouver-Beaverton OR - WA $210,200 14.9%
Providence-New Bedford-Fall River RI - MA $229,900 1.1%
Reno-Sparks NV $199,300 6.4%
Richmond VA $192,700 5.4%
Riverside-San Bernardino-Ontario CA $1,000 N/A
Rochester NY $114,000 5.4%
Sacramento--Arden-Arcade--Roseville VA $214,400 -10.4%
Salt Lake City UT $162,500 12.1%
San Diego-Carlsbad-San Marcos CA $351,900 -2.5%
San Francisco-Oakland-Fremont CA $633,700 5.5%
Sarasota-Bradenton-Venice FL $284,200 -0.2%
Springfield MA $159,500 4.8%
Syracuse NY $151,400 3.7%
Tampa-St. Petersburg-Clearwater FL $166,500 1.1%
Toledo OH $150,900 -0.9%
Trenton-Ewing NJ $244,900 2.3%
Tucson AZ $150,800 -2.7%
Virginia Beach-Norfolk-Newport News VA - NC $175,900 1.1%
Washington-Arlington-Alexandria DC - VA - MD - WV $296,200 1.5%
Wichita KS $117,100 -2.0%
Worcester MA $201,000 -3.1%
Source: *All areas are metropolitan statistical areas (MSA) as defined by the US Office of Management and Budget as of 2004.
** Boston-Cambridge-Quincy, MA-NH - Data from New Hampshire not available
They include the named central city and surrounding areas. N/A Not Available p Preliminary r Revised
© 2007 National Association of REALTORS®


Photo Galleries
Want to buy -- and live in -- a piece of history? It's not that far out of reach. These historic homes are not only for sale, they are incredible bargains. More
5 ways retailers are tracking you If you think pesky salespeople are invading your personal space, check out these 5 technologies that are tracking your movements throughout a store. More
Moto X vs. Droid Turbo: Which Droid should you buy? Motorola has made the two best Android smartphones this year. Here's how they stack up. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.