CNNMoney.com reports that single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.
The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Hurting home prices were big rises in foreclosure rates over the past 12 months which threaten to get even worse. Delinquencies more than doubled over that time and more than 155,000 lost their homes in bank repossessions during the first three months of the year. With many adjustable rate mortgages (ARMs) poised to reset this year to higher interest rates, defaults could go even higher. All that foreclosure activity added to the glut of homes on the market. The total inventory has risen to an average of 10 months worth of unsold homes. In addition, a record number - 2.9 million - of vacant homes are up for sale, according to the Census Bureau. The big inventory has led to aggressive price slashing and increased incentives by builders looking to sell homes. They've also cut way back on housing starts, which are at a 17-year low. The article gives the median price for homes in the first quarter of 2008 and the change from a year ago.
Studies report that foreclosed properties sell for an average of 20% less than comparable properties that have not been foreclosed on.
As for the bubble markets that have already lost 30% of their values, it is predicted that the declines are not over. It is expected to drop another 20% or so through February 2009.
(First Published: May 13, 2008)
NAR 1st quarter 2008 home prices
Single-family Homes
Apartment Condo-Coops
Total Home Sales
|
Metro Area |
Median Price |
% Change |
|
Akron, OH |
$96,300 |
-13.2% |
|
Albany-Schenectady-Troy, NY |
$194,100 |
-3.8% |
|
Albuquerque, NM |
$190,500 |
-1.7% |
|
Allentown-Bethlehem-Easton, PA-NJ |
$237,000 |
-4.2% |
|
Amarillo, TX |
$122,200 |
8.2% |
|
Anaheim-Santa Ana, CA (Orange Co.) |
$597,900 |
-14.3% |
|
Appleton, WI |
$121,500 |
-4.0% |
|
Atlanta-Sandy Springs-Marietta, GA |
$154,000 |
-9.6% |
|
Atlantic City, NJ |
$277,400 |
4.8% |
|
Austin-Round Rock, TX |
$184,500 |
4.7% |
|
Baltimore-Towson, MD |
$270,500 |
-3.0% |
|
Barnstable Town, MA |
$354,600 |
-4.7% |
|
Baton Rouge, LA |
$169,200 |
-3.6% |
|
Beaumont-Port Arthur, TX |
$122,900 |
6.1% |
|
Binghamton, NY |
$109,700 |
11.8% |
|
Birmingham-Hoover, AL |
$153,200 |
-2.7% |
|
Bismarck, ND |
$153,400 |
2.7% |
|
Bloomington-Normal, IL |
$150,900 |
2.5% |
|
Boise City-Nampa, ID |
$193,400 |
-5.2% |
|
Boston-Cambridge-Quincy, MA-NH** |
$357,100 |
-7.8% |
|
Boulder, CO |
$355,700 |
-4.0% |
|
Bridgeport-Stamford-Norwalk, CT |
$439,300 |
-6.7% |
|
Buffalo-Niagara Falls, NY |
$96,600 |
5.5% |
|
Canton-Massillon, OH |
$88,500 |
-12.0% |
|
Cape Coral-Fort Myers, FL |
$213,200 |
-17.0% |
|
Cedar Rapids, IA |
$130,000 |
0.5% |
|
Champaign-Urbana, IL |
$139,400 |
-4.1% |
|
Charleston-North Charleston, SC |
$201,400 |
-8.2% |
|
Charleston, WV |
$116,800 |
1.4% |
|
Charlotte-Gastonia-Concord, NC-SC |
$192,700 |
3.8% |
|
Chattanooga, TN-GA |
$125,200 |
-3.4% |
|
Chicago-Naperville-Joliet, IL |
$249,600 |
-6.6% |
|
Cincinnati-Middletown, OH-KY-IN |
$128,500 |
-6.1% |
|
Cleveland-Elyria-Mentor, OH |
$102,100 |
-16.9% |
|
Colordo Springs, CO |
$208,900 |
-1.6% |
|
Columbia, MO |
$143,900 |
-1.1% |
|
Columbia, SC |
$141,600 |
-0.6% |
|
Columbus, OH |
$131,400 |
-7.2% |
|
Corpus Christi, TX |
$136,800 |
4.9% |
|
Cumberland, MD-WV |
$95,000 |
-5.0% |
|
Dallas-Fort Worth-Arlington, TX |
$142,400 |
-2.1% |
|
Danville, IL |
N/A |
N/A |
|
Davenport-Moline-Rock Island, IA-IL |
$88,600 |
-17.0% |
|
Dayton, OH |
$100,500 |
-7.7% |
|
Decatur, IL |
$79,400 |
4.2% |
|
Deltona-Daytona Beach-Ormond Beach, FL |
$175,600 |
-10.9% |
|
Denver-Aurora, CO |
$223,500 |
-6.6% |
|
Des Moines, IA |
$147,900 |
1.7% |
|
Detroit-Warren-Livonia, MI |
N/A |
N/A |
|
Dover, DE |
$199,100 |
0.6% |
|
Durham, NC |
$178,200 |
0.5% |
|
Elmira, NY |
$82,500 |
9.6% |
|
El Paso, TX |
$134,600 |
8.5% |
|
Erie, PA |
$96,200 |
4.0% |
|
Eugene-Springfield, OR |
$227,500 |
-3.9% |
|
Fargo, ND-MN |
$136,900 |
-0.4% |
|
Farmington, NM |
$190,000 |
6.3% |
|
Ft. Wayne, IN |
$88,700 |
-4.0% |
|
Gainesville, FL |
$188,300 |
-13.0% |
|
Gary-Hammond, IN |
$124,000 |
-1.7% |
|
Glens Falls, NY |
$163,100 |
7.7% |
|
Grand Rapids, MI |
$102,800 |
-20.7% |
|
Green Bay, WI |
$137,000 |
-5.6% |
|
Greensboro-High Point, NC |
$142,300 |
-1.9% |
|
Greenville, SC |
$154,500 |
6.0% |
|
Gulfport-Biloxi, MS |
$139,000 |
-9.6% |
|
Hagerstown-Martinsburg, MD-WV |
$192,700 |
-7.9% |
|
Hartford-West Hartford-East Hartford, CT |
$247,300 |
-3.0% |
|
Honolulu, HI |
$620,000 |
Unch |
|
Houston-Baytown-Sugar Land, TX |
$148,400 |
0.8% |
|
Indianapolis, IN |
$107,300 |
-4.6% |
|
Jackson, MS |
$123,600 |
-13.0% |
|
Jacksonville, FL |
$185,700 |
-6.0% |
|
Kalamazoo-Portage, MI |
N/A |
N/A |
|
Kankakee-Bradley, IL |
$119,300 |
-8.0% |
|
Kansas City, MO-KS |
$139,500 |
-4.3% |
|
Kennewick-Richland-Pasco, WA |
$163,700 |
0.2% |
|
Kingston, NY |
$237,800 |
-4.3% |
|
Knoxville, TN |
$146,000 |
-2.7% |
|
Lansing-E.Lansing, MI |
$92,600 |
-26.9% |
|
Las Vegas-Paradise, NV |
$247,600 |
-20.2% |
|
Lexington-Fayette,KY |
$138,900 |
-5.8% |
|
Lincoln, NE |
$134,000 |
-0.3% |
|
Little Rock-N. Little Rock, AR |
$127,200 |
3.8% |
|
Los Angeles-Long Beach-Santa Ana, CA |
$459,400 |
-21.3% |
|
Louisville, KY-IN |
$131,600 |
-1.3% |
|
Madison, WI |
$217,100 |
-1.8% |
|
Memphis, TN-MS-AR |
$110,800 |
-18.5% |
|
Miami-Fort Lauderdale-Miami Beach, FL |
$318,900 |
-17.2% |
|
Milwaukee-Waukesha-West Allis, WI |
$204,400 |
1.3% |
|
Minneapolis-St. Paul-Bloomington, MN-WI |
$199,900 |
-10.2% |
|
Mobile, AL |
$129,900 |
-0.4% |
|
Montgomery, AL |
$133,700 |
0.8% |
|
Nashville-Davidson--Murfreesboro, TN |
N/A |
N/A |
|
New Haven-Milford, CT |
$255,500 |
-9.5% |
|
New Orleans-Metairie-Kenner, LA |
$157,100 |
0.8% |
|
New York-Northern New Jersey-Long Island, NY-NJ-PA |
$445,400 |
-3.9% |
|
New York-Wayne-White Plains, NY-NJ |
$491,900 |
-5.7% |
|
NY: Edison, NJ |
$361,200 |
-0.6% |
|
NY: Nassau-Suffolk, NY |
$462,200 |
-3.5% |
|
NY: Newark-Union, NJ-PA |
$409,300 |
-3.4% |
|
Norwich-New London, CT |
$244,900 |
N/A |
|
Ocala, FL |
$145,500 |
-13.3% |
|
Oklahoma City, OK |
$124,900 |
-7.1% |
|
Omaha, NE-IA |
$132,900 |
-1.0% |
|
Orlando, FL |
$232,000 |
-13.1% |
|
Palm Bay-Melbourne-Titusville, FL |
$158,800 |
-17.0% |
|
Pensacola-Ferry Pass-Brent, FL |
$156,300 |
-4.2% |
|
Peoria, IL |
$119,000 |
10.4% |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
$220,900 |
-0.7% |
|
Phoenix-Mesa-Scottsdale, AZ |
$222,200 |
-15.4% |
|
Pittsburgh, PA |
$111,600 |
2.4% |
|
Pittsfield, MA |
$216,600 |
2.8% |
|
Portland-South Portland-Biddeford, ME |
$234,000 |
-0.3% |
|
Portland-Vancouver-Beaverton, OR-WA |
$286,600 |
-1.1% |
|
Providence-New Bedford-Fall River, RI-MA |
$262,900 |
-8.1% |
|
Raleigh-Cary, NC |
$228,100 |
2.4% |
|
Reading, PA |
$148,400 |
5.0% |
|
Reno-Sparks, NV |
$283,700 |
-12.9% |
|
Richmond, VA |
N/A |
N/A |
|
Riverside-San Bernardino-Ontario, CA |
$287,100 |
-27.7% |
|
Rochester, NY |
$108,500 |
1.5% |
|
Rockford, IL |
$115,200 |
1.9% |
|
Sacramento--Arden-Arcade--Roseville, CA |
$258,500 |
-29.2% |
|
Saginaw-Saginaw Township North, MI |
$65,400 |
N/A |
|
Saint Louis, MO-IL |
$121,400 |
-9.7% |
|
Salem, OR |
$218,500 |
-1.4% |
|
Salt Lake City, UT |
$225,700 |
3.5% |
|
San Antonio, TX |
$149,800 |
1.0% |
|
San Diego-Carlsbad-San Marcos, CA |
$459,000 |
-22.9% |
|
San Francisco-Oakland-Fremont, CA |
$701,700 |
-6.1% |
|
San Jose-Sunnyvale-Santa Clara, CA |
$780,000 |
-1.0% |
|
Sarasota-Bradenton-Venice, FL |
$262,300 |
-22.2% |
|
Seattle-Tacoma-Bellevue, WA |
$372,300 |
-2.1% |
|
Shreveport-Bossier City, LA |
$131,500 |
1.9% |
|
Sioux Falls, SD |
$136,000 |
-3.0% |
|
South Bend-Mishawaka, IN |
$80,900 |
-5.5% |
|
Spartanburg, SC |
$130,300 |
10.1% |
|
Spokane, WA |
$186,800 |
2.8% |
|
Springfield, IL |
$107,200 |
4.2% |
|
Springfield, MA |
$198,100 |
-4.4% |
|
Springfield, MO |
$120,900 |
2.6% |
|
Syracuse, NY |
$110,300 |
2.6% |
|
Tallahassee, FL |
$173,300 |
-5.7% |
|
Tampa-St.Petersburg-Clearwater, FL |
$184,700 |
-9.1% |
|
Toledo, OH |
$89,700 |
-13.8% |
|
Topeka, KS |
$103,300 |
-2.8% |
|
Trenton-Ewing, NJ |
$288,200 |
1.6% |
|
Tucson, AZ |
$221,000 |
-8.8% |
|
Tulsa, OK |
N/A |
N/A |
|
Virginia Beach-Norfolk-Newport News, VA-NC |
$237,600 |
1.6% |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
$371,800 |
-13.1% |
|
Waterloo/Cedar Falls, IA |
$104,000 |
0.1% |
|
Wichita, KS |
$112,700 |
4.0% |
|
Worcester, MA |
$248,200 |
-8.3% |
|
Yakima, WA |
$148,400 |
9.0% |
|
Youngstown-Warren-Boardman, OH-PA |
$67,700 |
-13.5% |
|
U.S. |
$196,300 |
-7.7% |
|
NE |
$280,000 |
3.2% |
|
MW |
$142,700 |
-7.9% |
|
SO |
$164,200 |
-7.5% |
|
WE |
$296,300 |
-12.3% |
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.
** 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® © 2008 National Association of REALTORS®
For more information, see
http://money.cnn.com/2008/05/12/real_estate/Q12008_home_prices/index.htm?postversion=2008051314
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