NAR: Price Declines in 66% of US Cities
The National Association of Realtors reported:
The U.S. median price for a single- family home dropped 7.7% in Q1, the biggest decline in at least 29 years, as values tumbled in 66% of U.S. cities.
The point at which half the homes sold for more and half for less, was $196,300, down from $212,600 a year ago, the largest decline in records going back to 1979.
Prices out West fell 12.3% from a year ago.
Sales of single-family houses and condominiums fell 22% to 4.95 million at an annualized pace, the slowest in a decade.
The biggest price declines were in Sacramento, 29%; Riverside and San Bernardino, 28% Lansing, Michigan, 27%; San Diego 23%.
The largest sales volume declines were in Maryland 39%; The District of Columbia 35%; Utah 34%, and California 33%.
The U.S. median price for a single- family home dropped 7.7% in Q1, the biggest decline in at least 29 years, as values tumbled in 66% of U.S. cities.
The point at which half the homes sold for more and half for less, was $196,300, down from $212,600 a year ago, the largest decline in records going back to 1979.
Prices out West fell 12.3% from a year ago.
Sales of single-family houses and condominiums fell 22% to 4.95 million at an annualized pace, the slowest in a decade.
The biggest price declines were in Sacramento, 29%; Riverside and San Bernardino, 28% Lansing, Michigan, 27%; San Diego 23%.
The largest sales volume declines were in Maryland 39%; The District of Columbia 35%; Utah 34%, and California 33%.
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