Home prices fell 12% in 2009

chart_home_prices_metro.top.gifHow did your town fare in 2009? Check home prices for your area.By Les Christie, staff writer


NEW YORK (CNNMoney.com) -- The real estate roller-coaster ride continued last year as the median price of U.S. single-family home plunged 11.9% to $173,200.

The housing situation had been looking up earlier in the year, with prices gaining ground in the first nine months. But the increases weren't enough to push the median home price above 2008's bar of $196,600, according to the National Association of Realtors.

And then, prices fell in the fourth quarter, dropping 2.9% compared to the previous three months and 4.1% compared to the last quarter of 2008.

Still, the quarter-over-quarter drop was encouraging to NAR, which tracks home prices and sales.

"This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices," said Lawrence Yun, NAR's chief economist. "Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable."

Another sign of improvement is the increase in the number of homes sold. More than 6 million homes changed hands between October and December -- a 27.2% increase from the same time period in 2008.

"The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates," said Yun. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices."

Michelle Meyer, Barclay Capital's economist for new home construction, is predicting continued price declines through early 2010. By the second quarter, however, she expects an upturn.

She thinks that as the homebuyer tax credit expires at the end of April, it will add volatility to the market during the second quarter. People will rush to get in under the wire, boosting volume and shoring up prices.

After that, markets will moderate, with few showing any substantial increases.

On the other hand, David Crowe, chief economist with the National Association of Home Builders, said he expects home prices "will moderate and stay where they are" for a long stretch.

Volume up nearly all across the board

Sales volume increased in all but two states; 32 states recorded double-digit homes sales gains. Foreclosure sales continued to drive these increases; distressed properties, which includes foreclosures and short sales, accounted for 32% of sales during the quarter.

Mike Larson, a real estate analyst for Weiss Research, attributed the pop in volume to low prices. "People are simply finding that houses are cheap again," he said.

Crowe said the increase in sales volume was no surprise even though job losses continued to mount during the quarter.

"It's not unusual for housing to pick up before unemployment does," he said. "That's the normal pattern coming out of a recession. Mortgage rates are low; home prices are low and have stopped dropping. There's three years of pent-up demand and people who are working are buying homes."

More than a third of the 151 metropolitan areas covered in the report recorded year-over-year home price increases for the quarter, led by Saginaw, Mich., where prices grew 53.5% to $67,400.

The Midwest, which boasts the lowest average home prices of any of the four U.S. regions, was the only area that recorded a price rise over the previous quarter -- a mere 1.1%. The Northeast (-5.6%), South (-2.4%) and West (-8.9%) all suffered losses.

The biggest price drop was in Ocala, Fla, where home value plunged 23.4% to $93,200. In Las Vegas, where foreclosure has hit harder than anywhere else, prices dropped 23.3%. To top of page

NAR 4th quarter 2009 home prices
Untitled Document
Metro Area State Median home price
4th Quarter
Percent change from
4th Quarter 2008
Akron OH $105,700 22.8%
Albany-Schenectady-Troy NY $182,700 -5.4%
Albuquerque NM $175,600 -4.4%
Allentown-Bethlehem-Easton PA-NJ $215,100 -9.6%
Amarillo TX $122,200 -0.3%
Anaheim-Santa Ana CA $495,000 6.5%
Appleton WI N/A N/A
Atlanta-Sandy Springs-Marietta GA $124,800 -3.4%
Atlantic City NJ $222,700 -2.8%
Austin-Round Rock TX $184,000 -0.4%
Baltimore-Towson MD $243,900 -6.2%
Barnstable Town MA $337,700 3.7%
Baton Rouge LA $157,400 0.6%
Beaumont-Port Arthur TX $126,100 -4.9%
Binghamton NY $117,900 11.4%
Birmingham-Hoover AL $144,300 6.6%
Bismarck ND $157,000 -4.6%
Bloomington-Normal IL $146,700 -7.9%
Boise City-Nampa ID $144,300 -14.5%
Boston-Cambridge-Quincy MA-NH** $332,800 -1.0%
Boulder CO $335,100 3.2%
Bridgeport-Stamford-Norwalk CT $373,700 -1.8%
Buffalo-Niagara Falls NY $110,700 4.2%
Canton-Massillon OH $87,600 9.0%
Cape Coral-Fort Myers FL $90,100 -18.8%
Cedar Rapids IA $139,400 1.8%
Champaign-Urbana IL $139,500 5.7%
Charleston WV $187,000 -3.5%
Charleston-North Charleston SC $123,200 -1.2%
Charlotte-Gastonia-Concord NC-SC $185,500 -0.4%
Chattanooga TN-GA $120,700 -2.5%
Chicago-Naperville-Joliet IL $191,500 -12.1%
Cincinnati-Middletown OH-KY-IN $125,000 7.8%
Cleveland-Elyria-Mentor OH $110,100 24.7%
Colordo Springs CO $189,800 1.5%
Columbia MO $143,900 4.2%
Columbia SC N/A N/A
Columbus OH $132,500 4.7%
Corpus Christi TX $136,800 2.1%
Cumberland MD-WV $109,900 13.4%
Dallas-Fort Worth-Arlington TX $142,100 3.0%
Danville IL N/A N/A
Davenport-Moline-Rock Island IA-IL $106,700 8.8%
Dayton OH $106,400 21.2%
Decatur IL $84,500 6.6%
Deltona-Daytona Beach-Ormond Beach FL $122,600 -14.6%
Denver-Aurora CO $223,200 11.2%
Des Moines IA $143,400 -4.2%
Detroit-Warren-Livonia MI N/A N/A
Dover DE $195,300 -8.1%
Durham NC $166,400 0.5%
El Paso TX $86,800 7.3%
Elmira NY $133,000 -5.5%
Erie PA $97,700 2.6%
Eugene-Springfield OR $198,100 -6.9%
Fargo ND-MN $139,800 -0.2%
Farmington NM $184,300 -0.3%
Florence SC $118,800 -0.3%
Ft. Wayne IN $93,500 5.5%
Gainesville FL $165,800 -4.7%
Gary-Hammond IN $124,500 8.2%
Glens Falls NY $154,500 4.7%
Grand Rapids MI $89,900 11.7%
Green Bay WI $131,600 -10.2%
Greensboro-High Point NC $127,900 -5.5%
Greenville SC $137,800 -6.2%
Gulfport-Biloxi MS $128,200 -1.0%
Hagerstown-Martinsburg MD-WV $152,100 -11.3%
Hartford-West Hartford-East Hartford CT $226,600 -3.0%
Honolulu HI $612,300 0.4%
Houston-Baytown-Sugar Land TX $150,000 5.6%
Indianapolis IN $111,500 11.3%
Jackson MS $131,900 4.2%
Jacksonville FL $141,300 -12.1%
Kalamazoo-Portage MI N/A N/A
Kankakee-Bradley IL $127,900 1.8%
Kansas City MO-KS $139,500 6.5%
Kennewick-Richland-Pasco WA $168,100 1.3%
Kingston NY $215,400 -3.8%
Knoxville TN $139,300 -1.7%
Lansing-E.Lansing MI $83,900 4.9%
Las Vegas-Paradise NV $139,400 -23.3%
Lexington-Fayette KY $140,700 1.8%
Lincoln NE $130,500 -2.0%
Little Rock-N. Little Rock AR $132,400 5.8%
Los Angeles-Long Beach-Santa Ana CA $352,700 -0.5%
Louisville KY-IN $130,100 4.9%
Madison WI $204,300 -10.0%
Manchester-Nashua NH $225,200 -5.6%
Memphis TN-MS-AR $120,800 20.6%
Miami-Fort Lauderdale-Miami Beach FL $199,300 -14.9%
Milwaukee-Waukesha-West Allis WI $188,400 -3.3%
Minneapolis-St. Paul-Bloomington MN-WI $167,500 -3.7%
Mobile AL $125,500 0.4%
Montgomery AL $126,200 -0.1%
NY: Edison NJ N/A N/A
NY: Nassau-Suffolk NY $237,100 -1.4%
NY: Newark-Union NJ-PA $157,900 1.9%
Nashville-Davidson--Murfreesboro TN $375,900 -4.0%
New Haven-Milford CT $434,000 -5.5%
New Orleans-Metairie-Kenner LA $327,900 -4.7%
New York-Northern New Jersey-Long Island NY-NJ-PA $383,200 0.3%
New York-Wayne-White Plains NY-NJ $341,500 -8.8%
Norwich-New London CT $208,600 -6.5%
Ocala FL $93,200 -23.4%
Oklahoma City OK $136,300 9.7%
Omaha NE-IA $130,400 0.5%
Orlando FL $139,600 -20.3%
Palm Bay-Melbourne-Titusville FL $100,200 -18.9%
Pensacola-Ferry Pass-Brent FL $142,500 -6.1%
Peoria IL $111,900 -4.5%
Philadelphia-Camden-Wilmington PA-NJ-DE-MD $212,600 0.0%
Phoenix-Mesa-Scottsdale AZ $143,900 -7.7%
Pittsburgh PA $114,300 4.8%
Pittsfield MA $173,100 -16.0%
Portland-South Portland-Biddeford ME $205,900 -4.0%
Portland-Vancouver-Beaverton OR-WA $239,400 -9.5%
Providence-New Bedford-Fall River RI-MA $220,400 -1.8%
Raleigh-Cary NC $219,500 -4.9%
Reading PA $152,800 -1.5%
Reno-Sparks NV $187,400 -18.9%
Richmond VA N/A N/A
Riverside-San Bernardino-Ontario CA $176,800 -12.2%
Rochester NY $112,100 -0.4%
Rockford IL $108,300 -2.9%
Sacramento--Arden-Arcade--Roseville CA $188,600 0.4%
Saginaw-Saginaw Township North MI $67,400 53.5%
Saint Louis MO-IL $126,800 11.5%
Salem OR $176,700 -10.8%
Salt Lake City UT $207,800 -7.8%
San Antonio TX $143,800 0.3%
San Diego-Carlsbad-San Marcos CA $379,200 7.3%
San Francisco-Oakland-Fremont CA $551,300 13.2%
San Jose-Sunnyvale-Santa Clara CA $585,000 11.4%
Sarasota-Bradenton-Venice FL $171,300 -3.8%
Seattle-Tacoma-Bellevue WA $305,500 -6.3%
Shreveport-Bossier City LA $149,300 7.3%
Sioux Falls SD $137,000 -3.8%
South Bend-Mishawaka IN $88,400 9.4%
Spartanburg SC $121,200 0.3%
Spokane WA $170,100 -8.5%
Springfield IL $111,800 15.6%
Springfield MA $182,800 -1.9%
Springfield MO $109,900 -6.1%
Syracuse NY $115,900 1.6%
Tallahassee FL $151,800 1.1%
Tampa-St.Petersburg-Clearwater FL $140,200 -7.5%
Toledo OH $86,500 14.4%
Topeka KS $102,000 -2.7%
Trenton-Ewing NJ $246,900 -0.4%
Tucson AZ $166,700 -10.3%
Tulsa OK $128,100 N/A
Virginia Beach-Norfolk-Newport News VA-NC $200,000 -4.8%
Washington-Arlington-Alexandria DC-VA-MD-WV $306,200 3.8%
Waterloo/Cedar Falls IA $113,700 8.1%
Wichita KS $115,200 -2.5%
Worcester MA $221,900 2.3%
Yakima WA $149,900 2.7%
Youngstown-Warren-Boardman OH-PA $72,700 17.8%
U.S.   $172,900 -4.1%
NE   $234,900 -5.6%
MW   $141,100 1.1%
SO   $153,000 -2.4%
WE   $227,200 -8.9%
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
4Q 2009
% Change
(1-yr)
Albuquerque NM $139,700 -12.1%
Atlanta-Sandy Springs-Marietta GA N/A N/A
Austin-Round Rock TX $147,800 -4.7%
Baltimore-Towson MD $206,200 -7.5%
Bismarck ND $124,600 -4.9%
Boston-Cambridge-Quincy MA-NH $267,300 -2.1%
Boulder CO $194,100 -5.2%
Bridgeport-Stamford-Norwalk CT $238,400 2.4%
Cape Coral-Fort Myers FL $127,400 -25.0%
Chicago-Naperville-Joliet IL $183,900 -12.2%
Cincinnati-Middletown OH-KY-IN $113,000 -7.8%
Cleveland-Elyria-Mentor OH N/A N/A
Colorado Springs CO $134,800 -3.7%
Columbus OH $118,300 -0.5%
Dallas-Fort Worth-Arlington TX $124,400 -16.8%
Greensboro-High Point NC N/A N/A
Hartford-West Hartford-East Hartford CT $163,700 -0.1%
Honolulu HI $309,600 -1.9%
Houston-Baytown-Sugar Land TX $129,400 3.9%
Indianapolis IN $115,600 -1.6%
Jacksonville FL $83,900 -33.5%
Knoxville TN $135,900 -6.9%
Las Vegas-Paradise NV $68,500 -24.9%
Los Angeles-Long Beach-Santa Ana CA $222,100 -7.7%
Louisville KY-IN $117,800 1.5%
Madison WI $149,000 -9.1%
Manchester-Nashua NH N/A N/A
Miami-Fort Lauderdale-Miami Beach FL $109,500 -17.6%
Milwaukee-Waukesha-West Allis WI $153,900 -10.7%
New Haven-Milford CT $170,900 0.8%
New Orleans-Metairie-Kenner LA $169,400 -1.2%
Norwich-New London CT $166,600 4.1%
New York-Wayne-White Plains NY-NJ $283,400 -3.1%
NY: Newark-Union NJ-PA $255,100 -8.7%
NY:Edison NJ $253,000 -3.7%
NY:Nassau-Suffolk NY $236,900 2.2%
Palm Bay-Melbourne-Titusville FL $75,900 -14.2%
Philadelphia-Camden-Wilmington PA-NJ-DE-MD $179,300 -14.7%
Phoenix-Mesa-Scottsdale AZ $94,600 -31.9%
Portland-South Portland-Biddeford ME $182,900 -8.2%
Portland-Vancouver-Beaverton OR-WA $172,900 -11.1%
Providence-New Bedford-Fall River RI-MA $181,100 -10.7%
Reno-Sparks NV $74,900 -34.4%
Richmond VA N/A N/A
Riverside-San Bernardino-Ontario CA N/A N/A
Rochester NY $119,300 9.3%
Sacramento--Arden-Arcade--Roseville CA $98,600 4.1%
Salt Lake City UT $155,500 -0.5%
San Diego-Carlsbad-San Marcos CA $214,300 12.7%
San Francisco-Oakland-Fremont CA $382,300 -2.4%
Sarasota-Bradenton-Venice FL $154,500 -28.7%
Springfield MA $153,800 2.9%
Syracuse NY $129,900 N/A
Tampa-St. Petersburg-Clearwater FL $107,500 -14.0%
Toledo OH $119,400 -22.4%
Trenton-Ewing NJ $212,400 -3.1%
Tucson AZ $98,100 -15.1%
Virginia Beach-Norfolk-Newport News VA-NC $185,000 -5.1%
Washington-Arlington-Alexandria DC-VA-MD-WV $239,000 -1.3%
Wichita KS $103,500 -7.1%
Worcester MA $170,600 11.1%
U.S.   $177,300 -4.8%
NE   $228,700 -1.3%
MW   $157,400 -9.5%
SO   $134,800 -9.7%
WE   $169,200 -5.2%
*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 23.4%
ALASKA $18,800 36.7%
ARIZONA $153,200 31.0%
ARKANSAS $60,800 29.9%
CALIFORNIA $517,200 -7.0%
COLORADO $92,800 10.3%
CONNECTICUT $46,800 36.1%
DELAWARE $13,200 17.2%
District of Columbia $9,200 56.3%
FLORIDA $353,600 59.3%
GEORGIA $174,000 14.7%
HAWAII $19,200 46.5%
IDAHO $26,400 59.2%
ILLINOIS $187,600 36.5%
INDIANA $104,000 17.9%
IOWA $60,800 19.3%
KANSAS $59,200 23.0%
KENTUCKY $74,400 37.0%
LOUISIANA $58,400 16.8%
MAINE $22,800 44.7%
MARYLAND $75,200 47.9%
MASSACHUSETTS $108,800 27.1%
MICHIGAN $169,200 13.9%
MINNESOTA $90,000 41.1%
MISSISSIPPI $44,800 9.2%
MISSOURI $110,800 22.9%
MONTANA $22,800 48.8%
NEBRASKA $35,600 45.8%
NEVADA $98,000 53.1%
NEW HAMPSHIRE $18,800 34.8%
NEW JERSEY $122,800 34.1%
NEW MEXICO $33,200 38.6%
NEW YORK $268,400 21.2%
NORTH CAROLINA $146,800 31.4%
NORTH DAKOTA $14,800 39.3%
OHIO $251,600 27.4%
OKLAHOMA $86,800 9.2%
OREGON $56,400 52.1%
PENNSYLVANIA $184,400 26.6%
RHODE ISLAND $17,200 46.7%
SOUTH CAROLINA $74,000 24.7%
SOUTH DAKOTA $18,400 39.5%
TENNESSEE $107,600 21.6%
TEXAS $454,400 19.1%
UTAH $30,800 38.8%
VERMONT $11,200 68.2%
VIRGINIA $126,400 12.5%
WASHINGTON $85,600 38.5%
WEST VIRGINIA $29,200 41.4%
WISCONSIN $91,200 25.6%
WYOMING $8,800 27.8%
United States $5,290,000 27.2%
Northeast $930,000 33.6%
Midwest $1,203,000 29.9%
South $1,960,000 28.2%
West $1,190,000 18.2%
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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