Median Home Prices Continue To Fall -- But Not In Cumberland, Md.
The median sales price of existing homes dropped in nine out of 10 U.S. cities in April compared to the same month last year, the National Association of Realtors said today.
The median U.S. home price now stands at $169,900, down 18 percent from April of 2008.
The biggest price gain for existing home sales of cities in the survey? Cumberland, Md., where prices rose more than 21 percent.
The big price plunge came in 134 of the 152 cities surveyed. Buyers are snapping up distressed properties at bargain-basement prices.
Home sales rose in only six states -- Nevada, California, Arizona, Florida, Virginia and Minnesota -- which represent many of the states hit hardest by the results of overbuilding during the housing bubble.
Sales of existing homes more than doubled in Nevada, rose 81 percent in California and grew 50 percent in Arizona, three of the states with the highest inventory of housing.
Here's a piece we wrote recently about new empty houses being actually demolished in southern California because the bank that owns them can't sell them.
The biggest drop in existing home prices in April came in Fort Myers, Fla., where prices fell more than 50 percent from last April.
Check out The Post's Elizabeth Razzi's blog, Local Address, as she covers live today's all-day summit of the National Association of Realtors in D.C.
May 12, 2009; 10:25 AM ET
Categories: The Ticker | Tags: National Association of Realtors, home prices
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