From the AP via Yahoo:
The slump in housing deepened in the final three months of last year with sales falling in 40 states and median home prices declining in nearly half of the metropolitan areas surveyed, a real estate trade group reported Thursday.
The National Association of Realtors report showed that the biggest declines were in former boom areas.
The biggest percentage decline occurred in Nevada, a drop of 36.1 percent in the sales pace in the final three months of 2006 compared to the same period in 2005.
In other former boom areas, Florida saw sales drop by 30.8 percent, in Arizona sales were down 26.9 percent and they fell 21.3 percent in California.
The Realtors said that while sales declined in the fourth quarter in 40 states, six states showed increases and one state, Utah, had an unchanged sales pace. Three states did not report enough data to make comparisons.
Nationally, sales declined by 10.1 percent in the fourth quarter of 2006 compared to the same period a year ago.
The median price of a new home, the midpoint where half the homes sold for more and half for less, was $219,300 in the fourth quarter of last year, a drop of 2.7 percent from the same period a year ago.
Median home prices fell in 49 percent of the 149 metropolitan areas surveyed in the fourth quarter, compared to the same period a year ago. That was the largest percent of metro areas reporting price declines since the Realtors began tracking price data in 1979.
From the National Association of Realtors:
Total existing-home sales including single-family and condo, were at a seasonally adjusted annual rate (1) of 6.24 million units in the fourth quarter, down 10.1 percent from a 6.94 million-unit level in the fourth quarter of 2005. Even with the general decline, six states showed increases in the sales pace from a year ago and one was unchanged. Complete data for three states were not available.
In the fourth-quarter, metro area single-family home prices, examining changes in 149 metropolitan statistical areas, (2) show 71 areas had price gains from a year earlier, including 14 metros with double-digit annual increases, and 73 areas had price declines; five were unchanged.
The national median existing single-family home price was $219,300 in the fourth quarter, down 2.7 percent from a year earlier when the median price was $225,300. The median is a typical market price where half of the homes sold for more and half sold for less. For all of 2006, the median price rose 1.4 percent to $222,000.
In the fourth quarter, the largest single-family home price increase was in the Atlantic City, N.J., area, where the median price of $339,800 was 25.9 percent higher than a year ago. Next was the Salt Lake City area, at $223,600, up 22.7 percent from the fourth quarter of 2005. The Trenton-Ewing area of New Jersey, with a fourth quarter median price of $289,000, increased 18.9 percent in the last year.
Regionally, the Northeast saw an existing-home sales pace of 1.04 million units in the fourth quarter, which was 6.6 percent below a year ago. The median Northeastern resale single-family home price was $274,600 in the fourth quarter, which is 2.5 percent below the same period in 2005.
After the Atlantic City and Trenton-Ewing areas, the strongest price increase in the Northeast was in Pittsfield, Mass., with a median price of $220,600, up 4.7 percent from the fourth quarter of last year, followed by the Albany-Schenectady-Troy area of New York with a median price of $198,700, up 4.1 percent.
From the National Association of Realtors:
2006 Year over Year Change in Median Price
Allentown-Easton-Bethlehem, PA-NJ 1.6%
Atlantic City, NJ 25.9%
New York-Northern New Jersey-Long Island, NY-NJ-PA 2.3%
New York-Wayne-White Plains, NY-NJ -3.8%
NY:Edison, NJ -4.2%
NY:Nassau-Suffolk, NY 0.3%
NY:Newark-Union, NJ-PA 3.1%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 3.3%
Trenton-Ewing, NJ 18.9%
2006.Q3 – 2006.Q4 Change in Median Price
Allentown-Easton-Bethlehem, PA-NJ -7.5%
Atlantic City, NJ 32.2%
New York-Northern New Jersey-Long Island, NY-NJ-PA -2.8%
New York-Wayne-White Plains, NY-NJ -11.6%
NY:Edison, NJ -11.6
NY:Nassau-Suffolk, NY 0.5%
NY:Newark-Union, NJ-PA -6.3
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD -5.8%
Trenton-Ewing, NJ -1.7%