Home prices may be bottoming out

Realtors group says prices rose for the second straight quarter, but are still down sharply versus last year.

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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.  To top of page

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®
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®
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.
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