Home Prices Fall 15.6%
Aug 13, 2009
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Median home prices in the United States fell 15.6% during the three months ended June 30, compared to the same period in 2008, said the National Association of Realtors. The Association reported the median home price rose 4% compared to 1Q 2009 -- to $174,100 from $167,300.

The Cape Coral metro area in Florida recorded the largest decline: 52.8% to $84,000. Davenport, IA, had the biggest gain: 30.6% to $113,200. The lowest priced market in the nation is now Saginaw, MI, where the median home sold for $55,700 during the quarter, a 30.6% drop over last year. The most expensive market was Honolulu, with a median price of $569,500. San Jose, CA led all mainland cities at $500,000.

Condo prices fell 19.8% year-over-year, but rose 3.6% quarter-over-quarter. Condo prices in Las Vegas fell 54.1% compared with 2Q 2008 and fell 11.7% between the first and second quarters of 2009. The median price now stands at $66,400.

Condo prices rose year-over-year in only four of 61 metro areas surveyed by NAR. The biggest gain was in Virginia Beach, where prices went up 2.8%. Wichita, KS (2%), Dallas (0.7%) and Colorado Springs (0.2%) were the only other gainers.

The most expensive condo market was San Francisco, where the median price was $405,700, down 22.5% from a year ago.

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