National Market Analysis Report for the three months ending September 2008. Of the 188 market areas tracked across the U.S., 131 markets (or 69.7 percent) saw a decline in median home values, which is up from 43.6 percent. This further decline in home values continues the downward trend seen in the past six months.
While most markets in the previous report showed signs of recovery, it is not so this time around. Only seven of the 38 states tracked by eppraisal.com saw net gains in median values. These seven states - which include Illinois, Massachusetts, Michigan, Minnesota, Ohio, South Carolina, and Tennessee - all saw moderate gains. Of the negative markets California and Florida top the list with the greatest declines in home values. In California, all 28 markets tracked by eppraisal.com saw over a 1 percent decline in median home values. In Florida, only three of the 20 Florida markets tracked by eppraisal.com saw an increase. The three Florida markets that saw increases were Panama City, Palm Coast, and Palm Bay, which saw increases of 3.7 percent, 1.2 percent and 0.1 percent respectively.
South Carolina, Ohio, and Michigan all stood out with markets that saw increases. Sandusky, Ohio, had the highest gain this period with over 15 percent gain in median home values to $103,530. In South Carolina, Florence and Sumter both saw increases over 9 percent with Florence increasing by 15.8 percent to $110,000 and Sumter increasing by 9.7 percent to $107,000. Michigan had the most markets with the highest increases with five markets in the top ten. In Michigan the following markets saw increases: Niles-Benton Harbor up 9.5 percent, Bay City up 9.4 percent, Lansing up 8.7 percent, Battle Creek up 7.5 percent, and Detroit up 6.2 percent.
This article was originally posted on eppraisal.com
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