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NAR: Median Sales Prices Up in Half the Country

By Gerry Vazquez

Real Estate Agent with gvconsulting

February 16, 2008 06:26 AM

The NAR issued its latest metropolitan areas price report this week.

The most interesting finding is that in the fourth quarter of '07, 73 out of 150 metropolitan statistical areas showed increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.

Yes, the sales prices in half of the nations MSA's were up--and some by double digits!

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Dennis Swartz

Full Circle Property Management - Columbus, OH

MBA, GRI...experience counts!

I think if you analyze this misleading data by NAR, you will find that the shifting of the median, or middle, price is a result from the fact that the larger and more expensive homes are selling, but the average home is not. Moving the median is a clever technique to paint the picture that prices are not down, but up. If you want to really see what is happening, look at the price per square foot. I did it in my market, and we are down 9.5% in the selling price per square foot, a true indicator of home prices. Don't be fooled by the median price. I am sure some pockets are up, but most that I know are down, I think it is okay to tell the public the truth and not spin the data.

Feb 16, 2008 06:46 AM