Home prices fall a record 15.6%
Year-over-year prices may have fallen at a record pace, but there are signs of improvement.
30 yr fixed | 3.80% |
15 yr fixed | 3.20% |
5/1 ARM | 3.84% |
30 yr refi | 3.82% |
15 yr refi | 3.20% |
NEW YORK (CNNMoney.com) -- Median home prices fell a record 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report.
There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.
The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us.
"With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy," said Lawrence Yun, NAR's chief economist..
In the vast majority of metro areas -- 129 out of 155 -- median prices dropped year-over-year. Some of the decline can be traced to an increase in the percentage of foreclosures and short sales. They accounted for 36% of all transactions during the quarter.
These "distressed properties" are usually sold at discounts of at least 15% compared with traditional sales.
Patrick Newport, a real estate analyst for IHS Global Insight, while admitting the year-over-year results are still awful, said recent evidence indicates that prices are stabilizing.
"The state sales data show sales picking up across the country," he said.
Newport expects prices and sales to trend down again, especially when the impact of the first-time homebuyers tax credit starts to fade. The credit ends December 1. "Afterward, sales will take a hit," he said.
His forecast is for prices to drop another 5% this year, driven down by added inventory as the foreclosure plague continues to worsen.
The Cape Coral metro area in Florida recorded the largest decline: 52.8% to $84,000. Davenport, Iowa, had the biggest gain: 30.6% to $113,200.
The lowest priced market in the nation is now Saginaw, Mich., where the median home sold for $55,700 during the quarter, a 30.6% drop over last year. The most expensive market was Honolulu, with a median price of $569,500 -- although that's still a 10.5% discount from a year ago. San Jose, Calif. led all mainland cities at $500,000 but that was still down a whopping 33.8% from a year ago.
Condo prices have taken an even more severe beating. They fell 19.8% year-over-year, but rose 3.6% quarter-over-quarter.
If you're in the market for a condo in Las Vegas, you may never find a better time. Prices dropped 54.1% compared with the second quarter of 2008 and fell 11.7% between the first and second quarters of 2009. The median price now stands at a bargain basement $66,400.
Condo prices rose year-over-year in only four of 61 metro areas surveyed by NAR. The biggest gain was in Virginia Beach, where prices went up 2.8%. Wichita, Kan. (2%), Dallas (0.7%) and Colorado Springs (0.2%) were the only other gainers.
The most expensive condo market was San Francisco, where the median price was $405,700, down 22.5% from a year ago. Las Vegas was the cheapest condo market by far, with Reno a distant second at $103,100.
Metro Area | State | Median home price 2nd Quarter |
Percent change from 2nd Quarter 2008 |
---|---|---|---|
Akron | OH | $88,000 | -17.4% |
Albany-Schenectady-Troy | NY | $189,400 | -4.5% |
Albuquerque | NM | $182,200 | -8.6% |
Allentown-Bethlehem-Easton | PA-NJ | $225,600 | -10.3% |
Amarillo | TX | $127,300 | 2.2% |
Anaheim-Santa Ana | CA | $468,100 | -19.0% |
Appleton | WI | $113,900 | -15.6% |
Atlanta-Sandy Springs-Marietta | GA | $121,400 | -23.3% |
Atlantic City | NJ | $218,700 | -14.5% |
Austin-Round Rock | TX | $194,000 | -0.1% |
Baltimore-Towson | MD | $253,000 | -9.8% |
Barnstable Town | MA | $325,600 | -7.0% |
Baton Rouge | LA | $168,500 | 1.7% |
Beaumont-Port Arthur | TX | $138,600 | 11.0% |
Binghamton | NY | $117,700 | -2.6% |
Birmingham-Hoover | AL | $152,300 | -6.9% |
Bismarck | ND | $157,800 | 3.5% |
Bloomington-Normal | IL | $153,000 | 0.1% |
Boise City-Nampa | ID | $187,900 | -1.6% |
Boston-Cambridge-Quincy | MA-NH** | $336,100 | -8.3% |
Boulder | CO | $373,300 | -0.7% |
Bridgeport-Stamford-Norwalk | CT | $442,900 | -1.6% |
Buffalo-Niagara Falls | NY | $115,400 | 6.7% |
Canton-Massillon | OH | $101,500 | -1.3% |
Cape Coral-Fort Myers | FL | $84,000 | -52.8% |
Cedar Rapids | IA | $141,700 | 0.4% |
Champaign-Urbana | IL | $141,000 | -1.3% |
Charleston | WV | $198,200 | -7.9% |
Charleston-North Charleston | SC | $131,200 | -4.0% |
Charlotte-Gastonia-Concord | NC-SC | $199,700 | -0.8% |
Chattanooga | TN-GA | $125,700 | -5.1% |
Chicago-Naperville-Joliet | IL | $204,300 | -20.7% |
Cincinnati-Middletown | OH-KY-IN | $129,600 | -7.1% |
Cleveland-Elyria-Mentor | OH | $116,200 | -1.1% |
Colordo Springs | CO | $189,000 | -12.0% |
Columbia | MO | $144,300 | -1.5% |
Columbia | SC | $137,900 | -7.8% |
Columbus | OH | $136,600 | -6.2% |
Corpus Christi | TX | $133,400 | -7.6% |
Cumberland | MD-WV | $123,500 | 21.7% |
Dallas-Fort Worth-Arlington | TX | $150,700 | -0.2% |
Danville | IL | N/A | N/A |
Davenport-Moline-Rock Island | IA-IL | $113,200 | 30.6% |
Dayton | OH | $106,500 | -8.9% |
Decatur | IL | $91,300 | -3.1% |
Deltona-Daytona Beach-Ormond Beach | FL | $127,200 | -26.6% |
Denver-Aurora | CO | $223,700 | -0.7% |
Des Moines | IA | $150,100 | -4.2% |
Detroit-Warren-Livonia | MI | N/A | N/A |
Dover | DE | $193,700 | -4.4% |
Durham | NC | $185,500 | -0.2% |
El Paso | TX | $85,000 | 11.3% |
Elmira | NY | $131,800 | -4.3% |
Erie | PA | $98,100 | -5.6% |
Eugene-Springfield | OR | $202,400 | -12.1% |
Fargo | ND-MN | $141,200 | 0.7% |
Farmington | NM | $188,600 | -2.2% |
Florence | SC | $115,500 | 1.1% |
Ft. Wayne | IN | $94,600 | -2.0% |
Gainesville | FL | $178,200 | -13.0% |
Gary-Hammond | IN | $115,100 | -15.6% |
Glens Falls | NY | $152,400 | -9.2% |
Grand Rapids | MI | $86,500 | -23.1% |
Green Bay | WI | $141,300 | -6.1% |
Greensboro-High Point | NC | $141,800 | -7.4% |
Greenville | SC | $140,000 | -12.7% |
Gulfport-Biloxi | MS | $138,700 | -3.2% |
Hagerstown-Martinsburg | MD-WV | $164,900 | -14.6% |
Hartford-West Hartford-East Hartford | CT | $234,100 | -7.8% |
Honolulu | HI | $569,500 | -10.5% |
Houston-Baytown-Sugar Land | TX | $157,400 | 2.6% |
Indianapolis | IN | $121,300 | 2.4% |
Jackson | MS | $140,100 | 8.2% |
Jacksonville | FL | $152,700 | -18.3% |
Kalamazoo-Portage | MI | N/A | N/A |
Kankakee-Bradley | IL | $132,200 | -1.3% |
Kansas City | MO-KS | $144,100 | -5.7% |
Kennewick-Richland-Pasco | WA | $163,900 | 0.3% |
Kingston | NY | $207,000 | -18.1% |
Knoxville | TN | $144,700 | -5.8% |
Lansing-E.Lansing | MI | $81,200 | -25.1% |
Las Vegas-Paradise | NV | $141,800 | -39.7% |
Lexington-Fayette | KY | $142,700 | -2.8% |
Lincoln | NE | $133,100 | -0.3% |
Little Rock-N. Little Rock | AR | $134,600 | 0.7% |
Los Angeles-Long Beach-Santa Ana | CA | $311,100 | -25.7% |
Louisville | KY-IN | $132,700 | -1.6% |
Madison | WI | $214,200 | -0.058 |
Manchester-Nashua | NH | $222,600 | -12.6% |
Memphis | TN-MS-AR | $121,100 | -8.0% |
Miami-Fort Lauderdale-Miami Beach | FL | $207,400 | -33.1% |
Milwaukee-Waukesha-West Allis | WI | $218,100 | -0.8% |
Minneapolis-St. Paul-Bloomington | MN-WI | $184,500 | -12.5% |
Mobile | AL | $128,800 | -7.3% |
Montgomery | AL | $134,200 | -6.9% |
NY: Edison | NJ | N/A | N/A |
NY: Nassau-Suffolk | NY | $236,200 | -14.3% |
NY: Newark-Union | NJ-PA | $165,800 | 1.8% |
Nashville-Davidson--Murfreesboro | TN | $379,800 | -16.3% |
New Haven-Milford | CT | $425,200 | -14.9% |
New Orleans-Metairie-Kenner | LA | $331,700 | -11.2% |
New York-Northern New Jersey-Long Island | NY-NJ-PA | $386,800 | -17.1% |
New York-Wayne-White Plains | NY-NJ | $379,400 | -9.7% |
Norwich-New London | CT | $216,200 | -10.5% |
Ocala | FL | $110,200 | -25.3% |
Oklahoma City | OK | $128,300 | -2.1% |
Omaha | NE-IA | $134,900 | -2.2% |
Orlando | FL | $149,200 | -33.2% |
Palm Bay-Melbourne-Titusville | FL | $104,100 | -29.7% |
Pensacola-Ferry Pass-Brent | FL | $147,800 | -8.6% |
Peoria | IL | $126,100 | 1.0% |
Philadelphia-Camden-Wilmington | PA-NJ-DE-MD | $211,000 | -10.5% |
Phoenix-Mesa-Scottsdale | AZ | $131,100 | -36.1% |
Pittsburgh | PA | $124,200 | -0.8% |
Pittsfield | MA | $189,000 | -15.2% |
Portland-South Portland-Biddeford | ME | $209,400 | -9.4% |
Portland-Vancouver-Beaverton | OR-WA | $246,200 | -13.9% |
Providence-New Bedford-Fall River | RI-MA | $215,700 | -19.9% |
Raleigh-Cary | NC | $211,300 | -0.9% |
Reading | PA | $151,900 | -1.1% |
Reno-Sparks | NV | $192,100 | -30.0% |
Richmond | VA | $211,200 | -11.7% |
Riverside-San Bernardino-Ontario | CA | $161,500 | -39.1% |
Rochester | NY | $119,100 | -0.1% |
Rockford | IL | $113,400 | -6.0% |
Sacramento--Arden-Arcade--Roseville | CA | $177,500 | -22.7% |
Saginaw-Saginaw Township North | MI | $55,700 | -30.6% |
Saint Louis | MO-IL | $133,600 | -10.1% |
Salem | OR | $191,200 | -11.6% |
Salt Lake City | UT | $216,500 | -7.6% |
San Antonio | TX | $153,100 | -3.2% |
San Diego-Carlsbad-San Marcos | CA | $347,100 | -20.2% |
San Francisco-Oakland-Fremont | CA | $472,900 | -31.0% |
San Jose-Sunnyvale-Santa Clara | CA | $500,000 | -33.8% |
Sarasota-Bradenton-Venice | FL | $175,800 | -34.0% |
Seattle-Tacoma-Bellevue | WA | $328,400 | -13.7% |
Shreveport-Bossier City | LA | $146,800 | 3.0% |
Sioux Falls | SD | $146,000 | 1.1% |
South Bend-Mishawaka | IN | $88,100 | -1.5% |
Spartanburg | SC | $122,700 | -5.8% |
Spokane | WA | $177,800 | -9.6% |
Springfield | IL | $116,200 | 3.5% |
Springfield | MA | $189,500 | -9.3% |
Springfield | MO | $120,900 | -0.2% |
Syracuse | NY | $124,600 | 0.8% |
Tallahassee | FL | $149,800 | -10.0% |
Tampa-St.Petersburg-Clearwater | FL | $140,900 | -22.1% |
Toledo | OH | $87,100 | -16.3% |
Topeka | KS | $113,300 | 2.7% |
Trenton-Ewing | NJ | $254,300 | -20.3% |
Tucson | AZ | $174,100 | -19.4% |
Tulsa | OK | $133,200 | 0.9% |
Virginia Beach-Norfolk-Newport News | VA-NC | $216,000 | -4.0% |
Washington-Arlington-Alexandria | DC-VA-MD-WV | $319,200 | -14.0% |
Waterloo/Cedar Falls | IA | $106,700 | -7.5% |
Wichita | KS | $125,300 | -0.4% |
Worcester | MA | $220,300 | -10.9% |
Yakima | WA | $162,800 | 0.3% |
Youngstown-Warren-Boardman | OH-PA | $71,500 | -0.3% |
U.S. | $174,100 | -13.8% | |
NE | $246,000 | -15.9% | |
MW | $146,800 | -6.8% | |
SO | $158,600 | -10.8% | |
WE | $212,600 | -19.8% |
*All areas are metropolitan statistical areas (MSA) as defined by the US Office of Management and Budget as of 2004. They include the named central city and surrounding areas. N/A Not Available p Preliminary r Revised
Most current data available
© 2008 National Association of REALTORS®
Metro Area | State | Median Price 2Q 2009 |
% Change (1-yr) |
---|---|---|---|
Albuquerque | NM | $149,200 | -0.2% |
Atlanta-Sandy Springs-Marietta | GA | N/A | N/A |
Austin-Round Rock | TX | $156,700 | -10.6% |
Baltimore-Towson | MD | $210,800 | -7.8% |
Bismarck | ND | $113,300 | -11.8% |
Boston-Cambridge-Quincy | MA-NH | $277,400 | -9.4% |
Boulder | CO | $204,000 | -5.5% |
Bridgeport-Stamford-Norwalk | CT | $233,300 | -10.9% |
Cape Coral-Fort Myers | FL | $116,610 | -36.0% |
Chicago-Naperville-Joliet | IL | $202,700 | -17.0% |
Cincinnati-Middletown | OH-KY-IN | $111,800 | -8.7% |
Cleveland-Elyria-Mentor | OH | N/A | N/A |
Colorado Springs | CO | $142,500 | 0.2% |
Columbus | OH | $118,100 | -2.4% |
Dallas-Fort Worth-Arlington | TX | $137,800 | 0.7% |
Greensboro-High Point | NC | $109,300 | -0.3% |
Hartford-West Hartford-East Hartford | CT | $169,800 | -1.9% |
Honolulu | HI | $318,400 | -3.5% |
Houston-Baytown-Sugar Land | TX | $137,600 | -2.7% |
Indianapolis | IN | $112,800 | -0.6% |
Jacksonville | FL | $109,700 | -24.3% |
Knoxville | TN | $140,200 | -3.2% |
Las Vegas-Paradise | NV | $66,400 | -54.1% |
Los Angeles-Long Beach-Santa Ana | CA | $213,900 | -34.7% |
Louisville | KY-IN | $115,900 | -8.2% |
Madison | WI | $151,800 | -5.3% |
Manchester-Nashua | NH | $153,600 | -13.3% |
Miami-Fort Lauderdale-Miami Beach | FL | $105,100 | -41.1% |
Milwaukee-Waukesha-West Allis | WI | $157,300 | -9.1% |
New Haven-Milford | CT | $173,400 | -9.2% |
New Orleans-Metairie-Kenner | LA | $183,000 | -4.7% |
Norwich-New London | CT | $169,200 | -9.1% |
New York-Wayne-White Plains | NY-NJ | $258,400 | -19.2% |
NY: Newark-Union | NJ-PA | $276,600 | -10.0% |
NY:Edison | NJ | $254,100 | -6.3% |
NY:Nassau-Suffolk | NY | $236,400 | -7.7% |
Palm Bay-Melbourne-Titusville | FL | $129,280 | -16.0% |
Philadelphia-Camden-Wilmington | PA-NJ-DE-MD | $194,500 | -1.8% |
Phoenix-Mesa-Scottsdale | AZ | $104,100 | -43.0% |
Portland-South Portland-Biddeford | ME | $190,000 | -3.7% |
Portland-Vancouver-Beaverton | OR-WA | $196,100 | -7.3% |
Providence-New Bedford-Fall River | RI-MA | $181,500 | -15.7% |
Reno-Sparks | NV | $103,100 | -36.0% |
Richmond | VA | $175,700 | N/A |
Riverside-San Bernardino-Ontario | CA | N/A | N/A |
Rochester | NY | $115,600 | -7.2% |
Sacramento--Arden-Arcade--Roseville | CA | $101,200 | -30.4% |
Salt Lake City | UT | $156,900 | -6.0% |
San Diego-Carlsbad-San Marcos | CA | $205,500 | -28.7% |
San Francisco-Oakland-Fremont | CA | $405,700 | -22.5% |
Sarasota-Bradenton-Venice | FL | $177,600 | -43.1% |
Springfield | MA | $144,100 | -7.3% |
Syracuse | NY | $117,400 | -19.0% |
Tampa-St. Petersburg-Clearwater | FL | $108,100 | -31.0% |
Toledo | OH | $125,700 | -5.7% |
Trenton-Ewing | NJ | $198,700 | -20.3% |
Tucson | AZ | $102,500 | -28.5% |
Virginia Beach-Norfolk-Newport News | VA-NC | $195,000 | 2.6% |
Washington-Arlington-Alexandria | DC-VA-MD-WV | $244,800 | -11.7% |
Wichita | KS | $109,500 | 2.0% |
Worcester | MA | $160,400 | -15.4% |
U.S. | $176,900 | -19.8% | |
NE | $236,500 | -8.0% | |
MW | $159,000 | -20.5% | |
SO | $131,600 | -25.4% | |
WE | $162,200 | -32.4% |
** 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
© 2008 National Association of REALTORS®
State | Total Sales | % Change (1-yr) |
---|---|---|
ALABAMA | $70,800 | -21.0% |
ALASKA | $20,400 | -8.9% |
ARIZONA | $154,000 | 41.5% |
ARKANSAS | $59,200 | -10.3% |
CALIFORNIA | $469,600 | 20.8% |
COLORADO | $88,000 | -18.2% |
CONNECTICUT | $42,000 | -13.9% |
DELAWARE | $11,200 | -3.4% |
District of Columbia | $7,600 | 5.6% |
FLORIDA | $328,000 | 20.9% |
GEORGIA | $165,200 | -4.8% |
HAWAII | $16,400 | -19.6% |
IDAHO | $26,800 | -1.8% |
ILLINOIS | $159,600 | -15.3% |
INDIANA | $98,400 | -16.9% |
IOWA | $52,400 | 1.6% |
KANSAS | $50,400 | -17.1% |
KENTUCKY | $66,800 | -12.6% |
LOUISIANA | $53,200 | -15.8% |
MAINE | $20,400 | -5.6% |
MARYLAND | $66,800 | 4.4% |
MASSACHUSETTS | $93,600 | -12.0% |
MICHIGAN | $158,000 | 10.0% |
MINNESOTA | $106,800 | 12.7% |
MISSISSIPPI | $37,600 | -28.8% |
MISSOURI | $95,200 | -11.5% |
MONTANA | $19,600 | -3.9% |
NEBRASKA | $33,200 | 6.4% |
NEVADA | $100,400 | 76.8% |
NEW HAMPSHIRE | $17,600 | -6.4% |
NEW JERSEY | $104,400 | -10.8% |
NEW MEXICO | $29,600 | -15.9% |
NEW YORK | $248,000 | -5.5% |
NORTH CAROLINA | $124,000 | -26.5% |
NORTH DAKOTA | $10,400 | -18.8% |
OHIO | $228,400 | -0.7% |
OKLAHOMA | $79,600 | -5.7% |
OREGON | $46,800 | -15.2% |
PENNSYLVANIA | $146,400 | -15.1% |
RHODE ISLAND | $13,600 | No Chg |
SOUTH CAROLINA | $67,200 | -20.8% |
SOUTH DAKOTA | $15,600 | -7.1% |
TENNESSEE | $102,800 | -17.9% |
TEXAS | $416,000 | -16.7% |
UTAH | $29,600 | -10.8% |
VERMONT | $9,600 | -17.2% |
VIRGINIA | $110,400 | -1.4% |
WASHINGTON | $72,800 | -19.8% |
WEST VIRGINIA | $24,400 | -6.2% |
WISCONSIN | $78,400 | -10.5% |
WYOMING | $8,400 | -22.2% |
United States | $4,757,000 | -2.9% |
Northeast | $797,000 | -8.4% |
Midwest | $1,063,000 | -5.3% |
South | $1,763,000 | -7.2% |
West | $1,133,000 | 11.8% |
© 2008 National Association of REALTORS®
Note: State will not add up to national/regional totals due to independent samples.