Median home prices fell nationwide in 3Q

Discussion in 'Wall St. News' started by kaciara, Nov 12, 2009.

  1. kaciara


    A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.

    But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the National Association of Realtors said Tuesday.

    The median sales prices of existing homes declined in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities.

    The national median price clocked in at $177,900, or 11 percent below the third quarter last year.

    "The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas," said Lawrence Yun, the group's chief economist, in a statement. "But we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market."
  2. GTS


    When mortgages rates start climbing the game will be over.
  3. kaciara


    everyone want low rates now. how long can be sustained that policy? gold runs, oil follows... unstable equilibrium imo
  4. ^hgx
    maybe done with a revisit to 78 till dec
    here it's still a sell
    heading 30% lower
  5. wartrace


    Home prices should be no more than 2.5X median household income. I have heard 50k is the median so 150k on housing.