From the National Association of Realtors:
Existing U.S. home sales fell to a 10- year low in the second quarter and the median price for a single- family house dropped 7.6 percent as the real estate recession deepened.
The median price tumbled to $206,500 from $223,500 a year earlier, the Chicago-based National Association of Realtors said today. Sales of single-family houses and condominiums fell 16 percent to 4.913 million at an annualized pace.
There were 4.49 million U.S. homes for sale at the end of June, the highest in a year, according the Realtors’ association. At the current sales pace, that represented 11.1 months’ worth, up from 10.8 months’ worth at the end of May, the trade group said in a July 24 report.
Foreclosures are depressing home prices, contributing to job losses and weakening consumption as fewer people borrow against the value of their home, New York-based analysts at Lehman Brothers Holdings Inc. said Aug. 7.
From the AP:
Median home prices fell in more than three-quarters of U.S. cities in the second quarter, the latest sign of the breadth of the housing market decline, according to new data Thursday.
Nevertheless, home sales rose in areas where the market is flooded with foreclosures, indicating that borrowers are taking advantage of steep discounts.
Nevada and California, battered by a housing market bust, were the only states to show sales gains in the second quarter compared with a year earlier, according to a report by the National Association of Realtors.
Nationally, sales fell by 16.3 percent in the second quarter compared with the same period a year ago.
In recent months, the biggest home sales gains “have been in some of the markets with the steepest and fastest price drops,” said Lawrence Yun, the trade group’s chief economist. “Buyers in these areas are responding to deeply discounted home prices.”
The Realtors group said median prices for existing single-family homes dropped in 115 of 150 metropolitan areas in the April-June period, while 35 metro areas saw prices increase.
Nationally, the median home price — the point where half the homes sold for more and half for less — fell to $206,500 in the second quarter, down by 7.6 percent from the same period a year ago, when the median sales price was $205,700.
From the WSJ:
NAR: Metro-Area Home Prices Slide
By DONNA KARDOS
August 14, 2008 12:42 p.m.
early one in four metropolitan areas in the U.S. saw home prices rise in the second quarter, according to data released Thursday by the National Association of Realtors, though the group’s president said foreclosures are distorting data.
NAR’s results, which come from its survey of 150 metropolitan statistical areas — saw 35 areas with higher median existing single-family home prices than a year earlier. That sounds a bit better than what’s been said elsewhere in the market in recent months, though it also means 115 — or 77% — of the areas studied saw price declines.
NAR also said the median existing single-family home price fell 7.6% nationally in the second quarter. It blamed foreclosures and short sales — which accounted for a third of transactions — with pulling prices down.
Breaking the country down into four regions, the West logged the biggest drop, 17.4%, while prices in the Northeast declined 9.6%, dipped 0.9% in the Midwest and fell 4.1% in the South. Prices fell the most in parts of California and Florida, with several areas reporting declines of more than 30%.
Existing-home sales fell 16.3%.