Home prices may be bottoming out
Realtors group says prices rose for the second straight quarter, but are still down sharply versus last year.
The average home price is forecast to plummet over the next two years. But these 7 cities are predicted to post gains.
The national median home price fell 11.4% during the third quarter of 2009. Check how prices fared in your hometown.. More
Map
Through August, 315,000 first-time homebuyers took advantage of a Recovery Act tax credit of up to $8,000.
Mortgage Rates
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| 15 yr refi | 3.20% |
NEW YORK (CNNMoney.com) -- The bleeding in the housing market seems to be stanched, at least temporarily, according to home price data released on Tuesday.
Most U.S. cities saw gains in the median price of single-family homes sold during the three months ended Sept. 30, according to the National Association of Realtors' quarterly report on home prices. This is the second consecutive quarter of gains.
The national median home price was $177,900 in the third quarter, up $7,000 from the previous quarter. And while that down more than 11% from the third quarter of 2008, the pace of decline is slowing. In the second quarter of 2009, home prices fell 15.4% from the same period last year.
"The decline in the national median price has moderated recently," Lawrence Yun, NAR chief economist, said in a statement.
Yun said a shrinking supply of unsold homes suggests the housing market is getting closer to price stabilization. But he cautioned that a steady stream of financially qualified buyers is necessary to keep the fledgling housing recovery going.
NAR attributed much of the recent increase in home prices to the government's first-time homebuyer tax credit, which has helped revive home sales from a deep slump.
"We can't underestimate just how powerful a catalyst the first-time homebuyer tax credit has been for the housing sector," Yun said.
While a glut of foreclosed properties will continue to weigh on prices in the months ahead, "rising sales from the expanded tax credit should stabilize home prices by next spring," Yun said.
Despite the positive report, many clouds dot the housing market horizon. The darkest of those is the current employment picture. The latest release from the Bureau of Labor Statistics reported a national unemployment rate of 10.2%.
"An unemployment rate of 10.2% is a strong psychological impediment for anyone thinking of buying a house," said Ingo Winzer, president of real estate research firm Local Market Monitor Inc.
"Housing markets respond as much to psychological factors as to economic ones," he said. "So we won't see much of a pickup in home buying until the unemployment rate has turned downward."
Cheapest and priciest areas
The Cape Coral metro area in Florida recorded the largest decline: 40% to $98,000. the Cumblerland area Maryland and West Virginia had the biggest gain: 19.2% to $122,100.
The lowest-priced market in the nation is now Saginaw, Mich., where the median home sold for $61,400 during the quarter, a 6.7% drop over last year. The most expensive market was San Jose, Calif., with a median price of $566,000 -- although that's still a 12.9% discount from a year ago. 
NAR 3rd quarter 2009 home prices†
| Metro Area | State | Median home price 3rd Quarter |
Percent change from 3rd Quarter 2008 |
|---|---|---|---|
| Akron | OH | $107,200 | -0.8% |
| Albany-Schenectady-Troy | NY | $195,400 | -4.9% |
| Albuquerque | NM | $183,500 | -5.1% |
| Allentown-Bethlehem-Easton | PA-NJ | $230,500 | -6.1% |
| Amarillo | TX | $122,500 | -4.5% |
| Anaheim-Santa Ana | CA | $498,800 | -3.3% |
| Appleton | WI | $123,500 | -3.1% |
| Atlanta-Sandy Springs-Marietta | GA | $129,400 | -14.5% |
| Atlantic City | NJ | $223,000 | -10.4% |
| Austin-Round Rock | TX | $189,100 | -0.9% |
| Baltimore-Towson | MD | $261,100 | -6.5% |
| Barnstable Town | MA | $319,700 | -5.4% |
| Baton Rouge | LA | $166,900 | -2.3% |
| Beaumont-Port Arthur | TX | $133,600 | 3.1% |
| Binghamton | NY | $114,200 | -1.1% |
| Birmingham-Hoover | AL | $153,300 | -1.8% |
| Bismarck | ND | $157,200 | 7.5% |
| Bloomington-Normal | IL | $157,200 | -6.7% |
| Boise City-Nampa | ID | $154,700 | -17.4% |
| Boston-Cambridge-Quincy | MA-NH** | $348,000 | -7.0% |
| Boulder | CO | $358,300 | -0.9% |
| Bridgeport-Stamford-Norwalk | CT | $398,200 | -15.6% |
| Buffalo-Niagara Falls | NY | $119,700 | 4.8% |
| Canton-Massillon | OH | $89,300 | -9.3% |
| Cape Coral-Fort Myers | FL | $98,000 | -40.0% |
| Cedar Rapids | IA | $145,700 | 7.6% |
| Champaign-Urbana | IL | $140,600 | -4.0% |
| Charleston | WV | $195,100 | -7.5% |
| Charleston-North Charleston | SC | $132,000 | 3.4% |
| Charlotte-Gastonia-Concord | NC-SC | $199,600 | -5.4% |
| Chattanooga | TN-GA | $124,100 | -6.5% |
| Chicago-Naperville-Joliet | IL | $210,100 | -16.2% |
| Cincinnati-Middletown | OH-KY-IN | $131,700 | -3.2% |
| Cleveland-Elyria-Mentor | OH | $115,800 | -0.5% |
| Colordo Springs | CO | $195,100 | -6.2% |
| Columbia | MO | $148,800 | -1.7% |
| Columbia | SC | $144,000 | -2.4% |
| Columbus | OH | $142,600 | -1.0% |
| Corpus Christi | TX | $137,800 | -1.2% |
| Cumberland | MD-WV | $122,100 | 19.2% |
| Dallas-Fort Worth-Arlington | TX | $150,500 | 0.2% |
| Danville | IL | N/A | N/A |
| Davenport-Moline-Rock Island | IA-IL | $115,600 | 14.3% |
| Dayton | OH | $111,600 | -2.2% |
| Decatur | IL | $88,500 | -5.2% |
| Deltona-Daytona Beach-Ormond Beach | FL | $126,700 | -21.9% |
| Denver-Aurora | CO | $229,100 | 1.8% |
| Des Moines | IA | $156,600 | 0.8% |
| Detroit-Warren-Livonia | MI | N/A | N/A |
| Dover | DE | $200,000 | -4.3% |
| Durham | NC | $184,300 | 3.6% |
| El Paso | TX | $94,500 | -9.9% |
| Elmira | NY | $132,800 | -2.6% |
| Erie | PA | $102,800 | -0.5% |
| Eugene-Springfield | OR | $206,600 | -8.1% |
| Fargo | ND-MN | $142,100 | 2.4% |
| Farmington | NM | $186,500 | -3.7% |
| Florence | SC | $121,300 | 2.4% |
| Ft. Wayne | IN | $102,500 | 6.9% |
| Gainesville | FL | $171,800 | -8.5% |
| Gary-Hammond | IN | $126,600 | -2.2% |
| Glens Falls | NY | $152,400 | -10.8% |
| Grand Rapids | MI | $97,100 | -10.2% |
| Green Bay | WI | $135,300 | -8.0% |
| Greensboro-High Point | NC | $131,700 | -9.5% |
| Greenville | SC | $145,900 | -6.9% |
| Gulfport-Biloxi | MS | $138,000 | -5.3% |
| Hagerstown-Martinsburg | MD-WV | $151,900 | -16.3% |
| Hartford-West Hartford-East Hartford | CT | $237,500 | -4.7% |
| Honolulu | HI | N/A | N/A |
| Houston-Baytown-Sugar Land | TX | $160,600 | 0.2% |
| Indianapolis | IN | $120,200 | 2.0% |
| Jackson | MS | $141,200 | 4.6% |
| Jacksonville | FL | $145,700 | -17.0% |
| Kalamazoo-Portage | MI | N/A | N/A |
| Kankakee-Bradley | IL | $133,600 | -5.1% |
| Kansas City | MO-KS | $146,200 | -0.7% |
| Kennewick-Richland-Pasco | WA | $172,200 | 0.7% |
| Kingston | NY | $206,600 | -18.4% |
| Knoxville | TN | $142,000 | -6.6% |
| Lansing-E.Lansing | MI | $86,600 | -15.6% |
| Las Vegas-Paradise | NV | $138,500 | -34.5% |
| Lexington-Fayette | KY | $145,000 | -3.7% |
| Lincoln | NE | $133,600 | -4.6% |
| Little Rock-N. Little Rock | AR | $132,500 | 2.0% |
| Los Angeles-Long Beach-Santa Ana | CA | $345,600 | -11.5% |
| Louisville | KY-IN | $135,600 | 0.1% |
| Madison | WI | $217,900 | -5.6% |
| Manchester-Nashua | NH | $237,600 | 2.6% |
| Memphis | TN-MS-AR | $129,300 | 2.2% |
| Miami-Fort Lauderdale-Miami Beach | FL | $217,000 | -24.6% |
| Milwaukee-Waukesha-West Allis | WI | $199,500 | -8.0% |
| Minneapolis-St. Paul-Bloomington | MN-WI | $184,800 | -9.9% |
| Mobile | AL | $128,300 | -7.5% |
| Montgomery | AL | $134,200 | -1.0% |
| NY: Edison | NJ | N/A | N/A |
| NY: Nassau-Suffolk | NY | $241,300 | -13.1% |
| NY: Newark-Union | NJ-PA | $164,300 | -1.5% |
| Nashville-Davidson--Murfreesboro | TN | $389,100 | -14.1% |
| New Haven-Milford | CT | $449,700 | -13.9% |
| New Orleans-Metairie-Kenner | LA | $343,800 | -8.9% |
| New York-Northern New Jersey-Long Island | NY-NJ-PA | $384,900 | -9.2% |
| New York-Wayne-White Plains | NY-NJ | $385,400 | -14.8% |
| Norwich-New London | CT | $217,100 | -7.8% |
| Ocala | FL | $102,700 | -24.0% |
| Oklahoma City | OK | $144,100 | 9.1% |
| Omaha | NE-IA | $137,600 | 0.1% |
| Orlando | FL | $157,900 | -26.0% |
| Palm Bay-Melbourne-Titusville | FL | $109,500 | -24.6% |
| Pensacola-Ferry Pass-Brent | FL | $151,700 | -0.5% |
| Peoria | IL | $125,200 | -0.1% |
| Philadelphia-Camden-Wilmington | PA-NJ-DE-MD | $227,500 | -5.6% |
| Phoenix-Mesa-Scottsdale | AZ | $142,700 | -22.9% |
| Pittsburgh | PA | $124,600 | 1.5% |
| Pittsfield | MA | $200,500 | -2.5% |
| Portland-South Portland-Biddeford | ME | $202,800 | -13.1% |
| Portland-Vancouver-Beaverton | OR-WA | $244,500 | -12.2% |
| Providence-New Bedford-Fall River | RI-MA | $229,700 | -7.2% |
| Raleigh-Cary | NC | $207,900 | -6.3% |
| Reading | PA | $156,400 | -4.3% |
| Reno-Sparks | NV | $192,200 | -24.1% |
| Richmond | VA | N/A | N/A |
| Riverside-San Bernardino-Ontario | CA | $168,100 | -26.0% |
| Rochester | NY | $121,500 | -1.7% |
| Rockford | IL | $108,700 | -8.0% |
| Sacramento--Arden-Arcade--Roseville | CA | $186,600 | -12.0% |
| Saginaw-Saginaw Township North | MI | $61,400 | -6.7% |
| Saint Louis | MO-IL | $136,400 | -4.4% |
| Salem | OR | $180,400 | -9.8% |
| Salt Lake City | UT | $218,900 | -4.9% |
| San Antonio | TX | $152,800 | -1.0% |
| San Diego-Carlsbad-San Marcos | CA | $378,100 | -3.3% |
| San Francisco-Oakland-Fremont | CA | $538,100 | -12.6% |
| San Jose-Sunnyvale-Santa Clara | CA | $566,000 | -12.9% |
| Sarasota-Bradenton-Venice | FL | $185,200 | -22.0% |
| Seattle-Tacoma-Bellevue | WA | $321,500 | -8.1% |
| Shreveport-Bossier City | LA | $152,300 | 8.6% |
| Sioux Falls | SD | $137,200 | -5.1% |
| South Bend-Mishawaka | IN | $88,500 | 0.6% |
| Spartanburg | SC | $127,200 | -0.4% |
| Spokane | WA | $177,600 | -7.1% |
| Springfield | IL | $114,400 | 3.2% |
| Springfield | MA | $195,400 | -5.4% |
| Springfield | MO | $113,800 | -7.6% |
| Syracuse | NY | $125,200 | -1.6% |
| Tallahassee | FL | $145,900 | -8.0% |
| Tampa-St.Petersburg-Clearwater | FL | $137,400 | -20.8% |
| Toledo | OH | $88,300 | -12.1% |
| Topeka | KS | $111,100 | -0.6% |
| Trenton-Ewing | NJ | $291,200 | -15.0% |
| Tucson | AZ | $174,000 | -12.7% |
| Tulsa | OK | $132,100 | -5.5% |
| Virginia Beach-Norfolk-Newport News | VA-NC | $215,000 | -5.7% |
| Washington-Arlington-Alexandria | DC-VA-MD-WV | $324,700 | -2.5% |
| Waterloo/Cedar Falls | IA | $118,200 | 2.4% |
| Wichita | KS | $120,400 | -3.9% |
| Worcester | MA | $224,100 | -5.0% |
| Yakima | WA | $158,400 | 2.7% |
| Youngstown-Warren-Boardman | OH-PA | $70,700 | -4.8% |
| U.S. | $177,900 | -11.2% | |
| NE | $244,500 | -9.4% | |
| MW | $150,200 | -5.5% | |
| SO | $160,000 | -7.9% | |
| WE | $224,000 | -16.4% |
Note1: California prices provided by the California Association of REALTORS®
*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®
*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 3Q 2009 |
% Change (1-yr) |
|---|---|---|---|
| Albuquerque | NM | $139,300 | -1.9% |
| Atlanta-Sandy Springs-Marietta | GA | N/A | N/A |
| Austin-Round Rock | TX | $154,200 | -11.9% |
| Baltimore-Towson | MD | $204,500 | -11.0% |
| Bismarck | ND | $119,000 | -5.5% |
| Boston-Cambridge-Quincy | MA-NH | $293,700 | -4.3% |
| Boulder | CO | $207,000 | -4.6% |
| Bridgeport-Stamford-Norwalk | CT | $242,000 | -10.6% |
| Cape Coral-Fort Myers | FL | $117,600 | -37.0% |
| Chicago-Naperville-Joliet | IL | $199,600 | -15.9% |
| Cincinnati-Middletown | OH-KY-IN | $119,700 | 2.0% |
| Cleveland-Elyria-Mentor | OH | N/A | N/A |
| Colorado Springs | CO | $129,200 | -13.0% |
| Columbus | OH | $122,300 | -5.5% |
| Dallas-Fort Worth-Arlington | TX | $131,300 | -12.4% |
| Greensboro-High Point | NC | N/A | N/A |
| Hartford-West Hartford-East Hartford | CT | $166,300 | -3.8% |
| Honolulu | HI | N/A | N/A |
| Houston-Baytown-Sugar Land | TX | $130,200 | -2.9% |
| Indianapolis | IN | $114,400 | 0.8% |
| Jacksonville | FL | $91,600 | -22.0% |
| Knoxville | TN | $140,000 | -7.2% |
| Las Vegas-Paradise | NV | $67,600 | -46.4% |
| Los Angeles-Long Beach-Santa Ana | CA | $232,500 | -17.6% |
| Louisville | KY-IN | $123,300 | -0.6% |
| Madison | WI | $148,400 | -13.0% |
| Manchester-Nashua | NH | $163,800 | -6.5% |
| Miami-Fort Lauderdale-Miami Beach | FL | $101,800 | -36.0% |
| Milwaukee-Waukesha-West Allis | WI | $154,400 | -9.1% |
| New Haven-Milford | CT | $173,600 | -5.1% |
| New Orleans-Metairie-Kenner | LA | $163,000 | -5.4% |
| Norwich-New London | CT | $157,900 | -5.9% |
| New York-Wayne-White Plains | NY-NJ | $297,500 | -8.2% |
| NY: Newark-Union | NJ-PA | $281,900 | -6.1% |
| NY:Edison | NJ | $252,700 | -5.4% |
| NY:Nassau-Suffolk | NY | $224,300 | -6.4% |
| Palm Bay-Melbourne-Titusville | FL | $107,300 | -20.9% |
| Philadelphia-Camden-Wilmington | PA-NJ-DE-MD | $184,500 | -10.7% |
| Phoenix-Mesa-Scottsdale | AZ | $100,200 | -36.9% |
| Portland-South Portland-Biddeford | ME | $176,900 | -13.6% |
| Portland-Vancouver-Beaverton | OR-WA | $182,200 | -7.0% |
| Providence-New Bedford-Fall River | RI-MA | $186,400 | -11.4% |
| Reno-Sparks | NV | $81,300 | -44.4% |
| Richmond | VA | N/A | N/A |
| Riverside-San Bernardino-Ontario | CA | N/A | N/A |
| Rochester | NY | $116,400 | -3.5% |
| Sacramento--Arden-Arcade--Roseville | CA | $98,500 | -20.4% |
| Salt Lake City | UT | $157,300 | -5.8% |
| San Diego-Carlsbad-San Marcos | CA | $215,100 | 13.3% |
| San Francisco-Oakland-Fremont | CA | $432,800 | -5.2% |
| Sarasota-Bradenton-Venice | FL | $187,600 | -24.7% |
| Springfield | MA | $154,900 | -7.2% |
| Syracuse | NY | $125,500 | -12.8% |
| Tampa-St. Petersburg-Clearwater | FL | $104,200 | -27.0% |
| Toledo | OH | $130,400 | 1.7% |
| Trenton-Ewing | NJ | $227,100 | -11.1% |
| Tucson | AZ | $107,500 | -20.8% |
| Virginia Beach-Norfolk-Newport News | VA-NC | $190,000 | -5.2% |
| Washington-Arlington-Alexandria | DC-VA-MD-WV | $244,300 | -7.1% |
| Wichita | KS | $108,200 | -8.9% |
| Worcester | MA | $163,500 | -3.1% |
| U.S. | $178,000 | -15.4% | |
| NE | $236,800 | -8.7% | |
| MW | $158,000 | -16.4% | |
| SO | $133,800 | -18.7% | |
| WE | $165,500 | -22.8% |
*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
© 2008 National Association of REALTORS®
** 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 | $75,200 | -9.6% |
| ALASKA | $18,800 | -7.8% |
| ARIZONA | $153,200 | 10.4% |
| ARKANSAS | $60,800 | No Chg |
| CALIFORNIA | $517,200 | 3.9% |
| COLORADO | $92,800 | -14.1% |
| CONNECTICUT | $46,800 | 4.5% |
| DELAWARE | $13,200 | 17.9% |
| District of Columbia | $9,200 | 27.8% |
| FLORIDA | $353,600 | 36.8% |
| GEORGIA | $174,000 | 1.2% |
| HAWAII | $19,200 | -5.9% |
| IDAHO | $26,400 | 31.3% |
| ILLINOIS | $187,600 | 1.7% |
| INDIANA | $104,000 | -10.7% |
| IOWA | $61,600 | 7.7% |
| KANSAS | $59,200 | -3.3% |
| KENTUCKY | $74,400 | 6.3% |
| LOUISIANA | $58,400 | 3.5% |
| MAINE | $22,800 | 11.8% |
| MARYLAND | $75,200 | 15.3% |
| MASSACHUSETTS | $108,800 | -1.1% |
| MICHIGAN | $169,200 | 11.0% |
| MINNESOTA | $90,000 | -4.7% |
| MISSISSIPPI | $44,800 | -8.2% |
| MISSOURI | $110,800 | 1.8% |
| MONTANA | $22,800 | 14.0% |
| NEBRASKA | $35,600 | 20.3% |
| NEVADA | $98,400 | 36.7% |
| NEW HAMPSHIRE | $18,800 | 4.4% |
| NEW JERSEY | $122,800 | 8.5% |
| NEW MEXICO | $33,200 | 3.8% |
| NEW YORK | $268,400 | 4.7% |
| NORTH CAROLINA | $146,800 | -4.4% |
| NORTH DAKOTA | $14,800 | 19.4% |
| OHIO | $251,600 | 11.7% |
| OKLAHOMA | $87,200 | -1.8% |
| OREGON | $56,400 | 6.8% |
| PENNSYLVANIA | $184,400 | 5.7% |
| RHODE ISLAND | $17,200 | 22.9% |
| SOUTH CAROLINA | $74,000 | -7.5% |
| SOUTH DAKOTA | $18,400 | 12.2% |
| TENNESSEE | $107,600 | -5.3% |
| TEXAS | $455,200 | -1.9% |
| UTAH | $30,800 | -1.3% |
| VERMONT | $11,200 | 12.0% |
| VIRGINIA | $120,000 | -2.3% |
| WASHINGTON | $85,200 | 1.9% |
| WEST VIRGINIA | $29,200 | 14.1% |
| WISCONSIN | $90,600 | 5.8% |
| WYOMING | $8,800 | -4.3% |
| United States | $5,300,000 | 5.9% |
| Northeast | $930,000 | 6.9% |
| Midwest | $1,203,000 | 5.2% |
| South | $1,967,000 | 5.9% |
| West | $1,193,000 | 4.6% |
N/A Not Available r Revised p Preliminary
© 2008 National Association of REALTORS®
Note: State will not add up to national/regional totals due to independent samples.
© 2008 National Association of REALTORS®
Note: State will not add up to national/regional totals due to independent samples.
