(May 12, 2009 Release)
Highlights
• In the first quarter of 2009, 134 out of 152 metros experienced declines in median existing home prices from a year ago.
• Foreclosures and short sales accounted for 45 percent of transactions in the fourth quarter, lowering the national median price to $169,100 which is 13.8 percent below the first quarter median price in 2008.
• Major metros with the steepest price declines were San Francisco (-42.7%), Las Vegas (-37.3%) and Miami (35.5%).
• Major metros posting the smallest price declines were Albuquerque (-4.1%), Dallas (-4.7%) and Houston (-6.7%).
• The West region posted the largest price decline at 19.8 percent, while the Northeast, South and Midwest posted declines of 15.9, 10.8 and 6.8 percent from a year earlier, respectively.
| NAR Median Regional and Metro Prices (1Q 09) | ||
| Median Sales Price (Ths.$) | % Chg a Year Ago | |
| United States | 169.0 | -13.8 |
| Northeast | 235.5 | -15.9 |
| Midwest | 132.4 | -6.8 |
| South | 146.6 | -10.8 |
| West | 237.6 | -19.8 |
| Atlanta | 115.6 | -24.9 |
| Boston | 290.7 | -18.7 |
| Charlotte | 71.5 | -11.0 |
| Chicago | 185.6 | -25.6 |
| Cleveland | 69.9 | -31.5 |
| Dallas | 135.7 | -4.7 |
| Denver | 192.9 | -13.7 |
| Detroit | NA | NA |
| Las Vegas | 155.3 | -37.3 |
| Los Angeles | 303.5 | -34.1 |
| Miami | 206.0 | -35.4 |
| Minneapolis | 174.1 | -12.9 |
| New York | 374.5 | -16.0 |
| Phoenix | 129.2 | -41.9 |
| Portland | 248.6 | -13.3 |
| San Diego | 323.2 | -29.6 |
| San Francisco | 402.0 | -42.7 |
| Seattle | 315.2 | -15.3 |
| Tampa | 135.3 | -26.7 |
| Washington | 279.4 | -25.0 |
Source: National Association of Realtors
Analysis
Distressed home sales, weak demand for non-distressed property, and a deteriorating labor market likely accounted for the dismal home price performance in the first quarter of this year. As stated, foreclosures accounted for about 45 percent of total home sales in the quarter. Foreclosures are selling at discounted prices relative to normal home sales. Distressed sales were particularly prevalent in California.
The median home price for the second quarter of this year is expected to continue the dismal performance of the first quarter due to a massive job losses experienced in the first quarter, combined with weak housing demand for non-distressed properties and a run up of foreclosure sales in the first quarter.
May 28th, 2009 at 12:40 am
Hi, cool post. I have been wondering about this topic,so thanks for writing.