Prices of homes in the US have remained almost unchanged in the third quarter. This is good news to home sellers despite lower volume of home sales in the period.
Real Estate prices in the US remained almost flat in the third quarter despite a decline in sales of existing homes. Median price for single-family homes in the period was at $177,900,
almost flat compared to the same period last year’s $178,200, according to a report released by the National Association of Realtors (NAR).
The industry group underlined that home prices in the quarter, and in the year, have been varying slightly compared to figures last year despite the significant swings in sales of properties. In general, areas with significant changes in home prices are usually those that bear greater impact of distressed sales.
Median prices of single-family houses rose (compared to last year) in 77 out of 155 metropolitan areas that are tracked by NAR. Median prices dropped in 76 areas and stayed exactly the same in two. Analysts note that home prices are reflections of sales prices imposed on closed and completed transactions.
Distressed home units comprised of 34% of third-quarter sales. That is higher than 30% in the same quarter last year and also greater than 32% in the preceding quarter. Sales of condominiums and existing homes for single families fell by double digits year-on-year and from the previous quarter
Overall, total home sales declined by 25.3% from second quarter and by 21.2% from same period last year. Sales fell in all states except in Idaho, Florida, and Hawaii. Meanwhile, sales figures fell by a double digit in Washington DC. The biggest decline in home sales was recorded in North Dakota (34.3%). For its industry outlook, NAR expects a 6.6% decline in 2010 overall home sales compared to actual sales in 2009.
The top appreciating markets in terms of median home sale prices were identified by NAR. Those include (from top to bottom) Burlington in Vermont, Elmira in New York, Dallas and Fort Worth in Texas, Fargo in Minnesota, Bridgeport in Connecticut, Riverside and San Bernardino in California, Portland in Maine, San Jose and Sunnyvale in California, and Shreveport in Louisiana.
On the other hand, the top declining markets based on median home prices are (from top decliners down): Ocala in Florida, Palm Bay in Florida, Tucson in Arizona, Youngstown and Warren in Pennsylvania, Gulfport in Mississippi, Boise City in Idaho, Atlanta and Sandy Springs in Georgia, Cumberland in West Virginia, Orlando in Florida, and Canton in Ohio.
