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National median home price falls to $169,000 in first quarter, due to market flooded with lower-priced foreclosures and short sales.
By Les Christie, CNNMoney.com staff writer
Last Updated: May 12, 2009: 12:04 PM ET
NEW YORK (CNNMoney.com) -- The steep slide in home price accelerated at a record pace during the first three months of 2009, according to an industry report issued Tuesday.
The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008, according to the National Association of Realtors (NAR). That was the largest year-over-year decline in the 30-year history of the report.
NAR attributed much of the loss to two factors: First-time homebuyers, who are often entry-level buyers, accounted for about half of all purchases during the quarter. And many buyers took advantage of the deeply discounted prices of foreclosed properties and short sales. These distressed properties typically sell for 20% less than traditional homes, according to NAR. These homes also accounted for about half of all transactions.
Traditional homes in good condition have held their value much better, so owners shouldn\'t be overly concerned about median prices, said NAR president Charles McMillan, in a prepared statement.
Sales volume was weak as well. Homes sold at a 4.59 million annualized rate during the quarter, off 3.2% from the last three months of 2008 and down 6.8% from first quarter 2008.
NAR\'s chief economist, Lawrence Yun, characterized it as a lull before an upturn. Housing affordability conditions are at record high levels, he said, and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas.
Pat Newport, a real estate analyst with IHS Global Insight found NAR\'s state sales volume statistics especially telling - and far from positive. That tells me the market is still not healthy, he said.
Year-over-year sales volume increased substantially in only a few states, mostly one-time boom areas. Sales were way up in Nevada (116.8%), California (80.6%), Arizona (50.2%) and Florida (25%), as well as Virginia (12.2%) and Minnesota (11.9%). Everywhere else they were down for the year.
Where prices are down the sharpest, sales volume is up the most, said Mike Larson, a real estate analyst for Weiss Research. In the post-bubble markets, we\'ve seen more rationality come in.
Middle income workers can now actually buy a home without having to stretch or get themselves into some crazy mortgage, he added. Declining prices are not part of the problem, they\'re part of the solution.
Few cities recorded gains
Among 152 individual metro areas covered by the survey, only 18 reported year-over-year price gains. In Cumberland, Md., prices grew 21.1% to $114,900, the biggest gain of any market.
The second best performance was achieved by Davenport, Iowa, where the median price jumped 13.8% to $100,300 during the quarter. In Columbia, Mo., prices grew 6% to $152,600.
Cape Coral, Fla., posted the biggest drop year-over-year; prices fell 59.1% to $87,300. In Saginaw, Mich., the median cost of a home plunged 53.7% to $30,300, making it the lowest-priced market covered by NAR. In Akron, Ohio, the median priced home sold for $50,100, down 48.7%.
Regionally, prices fell the most in the West at 19.8%. They were down 15.9% in the Northeast, 10.8% in the South and 6.8% in the Midwest.
Despite the increased affordability, Larson does not forecast a return to a normal market until the end of 2010. Until then, he said, Buyers will continue to have the upper hand.
First Published: May 12, 2009: 10:00 AM ET
NAR 1st quarter 2009 home prices8224;
Single-family Homes
Apartment Condo-Coops
Total Home Sales
Metro Area State Median home price
1st Quarter Percent change from
1st Quarter 2008
Akron OH $50,100 -48.0%
Albany-Schenectady-Troy NY $184,500 -4.9%
Albuquerque NM $182,600 -4.1%
Allentown-Bethlehem-Easton PA-NJ $218,000 -8.0%
Amarillo TX $122,000 -0.2%
Anaheim-Santa Ana CA $435,800 -28.3%
Appleton WI $110,300 -8.4%
Atlanta-Sandy Springs-Marietta GA $115,600 -24.9%
Atlantic City NJ $219,100 -21.0%
Austin-Round Rock TX $182,300 -1.2%
Baltimore-Towson MD $245,800 -9.1%
Barnstable Town MA $276,700 -22.1%
Baton Rouge LA N/A N/A
Beaumont-Port Arthur TX $129,100 5.0%
Binghamton NY $110,300 0.5%
Birmingham-Hoover AL $130,400 -14.9%
Bismarck ND $153,300 -0.1%
Bloomington-Normal IL $153,800 1.9%
Boise City-Nampa ID $157,100 -18.8%
Boston-Cambridge-Quincy MA-NH** $290,700 -18.7%
Boulder CO $328,400 -7.7%
Bridgeport-Stamford-Norwalk CT $347,400 -20.9%
Buffalo-Niagara Falls NY $99,200 2.7%
Canton-Massillon OH $66,200 -25.2%
Cape Coral-Fort Myers FL $87,300 -59.1%
Cedar Rapids IA $127,300 -2.0%
Champaign-Urbana IL $141,600 1.6%
Charleston WV $188,200 -6.6%
Charleston-North Charleston SC $119,200 2.1%
Charlotte-Gastonia-Concord NC-SC $171,500 -11.0%
Chattanooga TN-GA $117,900 -5.8%
Chicago-Naperville-Joliet IL $185,600 -25.6%
Cincinnati-Middletown OH-KY-IN $106,500 -17.1%
Cleveland-Elyria-Mentor OH $69,900 -31.5%
Colordo Springs CO $180,000 -13.8%
Columbia MO $152,600 6.0%
Columbia SC $134,300 -5.2%
Columbus OH $118,300 -10.4%
Corpus Christi TX $126,300 -7.7%
Cumberland MD-WV $114,900 21.1%
Dallas-Fort Worth-Arlington TX $135,700 -4.7%
Danville IL N/A N/A
Davenport-Moline-Rock Island IA-IL $100,300 13.8%
Dayton OH $79,700 -20.7%
Decatur IL $77,100 -2.9%
Deltona-Daytona Beach-Ormond Beach FL $128,700 -26.7%
Denver-Aurora CO $192,900 -13.7%
Des Moines IA $137,300 -7.2%
Detroit-Warren-Livonia MI N/A N/A
Dover DE $201,000 1.0%
Durham NC $171,500 -3.8%
El Paso TX $77,100 -6.4%
Elmira NY $132,800 -0.8%
Erie PA $85,900 -11.1%
Eugene-Springfield OR $210,800 -7.3%
Fargo ND-MN $134,100 -2.0%
Farmington NM $191,200 0.7%
Florence SC $98,500 -15.7%
Ft. Wayne IN $80,600 -9.1%
Gainesville FL $160,300 -14.9%
Gary-Hammond IN $92,000 -25.8%
Glens Falls NY $156,600 -4.0%
Grand Rapids MI $72,000 -30.0%
Green Bay WI $138,400 1.0%
Greensboro-High Point NC $129,700 -8.9%
Greenville SC $142,000 -8.1%
Gulfport-Biloxi MS $132,800 -4.5%
Hagerstown-Martinsburg MD-WV $167,100 -13.3%
Hartford-West Hartford-East Hartford CT $222,300 -10.1%
Honolulu HI $570,000 -8.1%
Houston-Baytown-Sugar Land TX $138,500 -6.7%
Indianapolis IN $94,600 -11.8%
Jackson MS $122,600 -0.8%
Jacksonville FL $154,100 -17.0%
Kalamazoo-Portage MI N/A N/A
Kankakee-Bradley IL $116,600 -2.3%
Kansas City MO-KS $126,600 -9.2%
Kennewick-Richland-Pasco WA $159,300 -2.7%
Kingston NY $194,300 -18.3%
Knoxville TN $138,600 -5.1%
Lansing-E.Lansing MI $65,600 -29.1%
Las Vegas-Paradise NV $155,300 -37.3%
Lexington-Fayette KY $133,800 -3.7%
Lincoln NE $132,400 -1.2%
Little Rock-N. Little Rock AR $125,400 -1.4%
Los Angeles-Long Beach-Santa Ana CA $303,500 -34.1%
Louisville KY-IN $121,100 -8.0%
Madison WI $208,500 -0.04
Manchester-Nashua NH $215,700 -12.0%
Memphis TN-MS-AR $96,100 -13.3%
Miami-Fort Lauderdale-Miami Beach FL $206,000 -35.4%
Milwaukee-Waukesha-West Allis WI $201,500 -1.4%
Minneapolis-St. Paul-Bloomington MN-WI $174,100 -12.9%
Mobile AL $127,900 -1.5%
Montgomery AL $122,500 -8.4%
NY: Edison NJ N/A N/A
NY: Nassau-Suffolk NY $216,500 -15.3%
NY: Newark-Union NJ-PA $150,800 -4.0%
Nashville-Davidson--Murfreesboro TN $374,500 -16.0%
New Haven-Milford CT $429,900 -12.8%
New Orleans-Metairie-Kenner LA $320,900 -11.3%
New York-Northern New Jersey-Long Island NY-NJ-PA $376,700 -18.6%
New York-Wayne-White Plains NY-NJ $358,200 -12.5%
Norwich-New London CT $199,600 -18.5%
Ocala FL $108,600 -25.4%
Oklahoma City OK $129,900 4.0%
Omaha NE-IA $129,000 -2.9%
Orlando FL $154,800 -33.3%
Palm Bay-Melbourne-Titusville FL $114,300 -28.0%
Pensacola-Ferry Pass-Brent FL $137,200 -12.2%
Peoria IL $109,800 -7.7%
Philadelphia-Camden-Wilmington PA-NJ-DE-MD $206,000 -6.7%
Phoenix-Mesa-Scottsdale AZ $129,200 -41.9%
Pittsburgh PA $103,400 -7.3%
Pittsfield MA $180,000 -16.9%
Portland-South Portland-Biddeford ME $192,100 -17.9%
Portland-Vancouver-Beaverton OR-WA $248,600 -13.3%
Providence-New Bedford-Fall River RI-MA $202,400 -23.0%
Raleigh-Cary NC $223,000 -2.2%
Reading PA $145,200 -2.2%
Reno-Sparks NV $209,800 -26.0%
Richmond VA N/A N/A
Riverside-San Bernardino-Ontario CA $172,500 -39.9%
Rochester NY $105,600 -2.7%
Rockford IL $100,000 -13.2%
Sacramento--Arden-Arcade--Roseville CA $169,300 -34.5%
Saginaw-Saginaw Township North MI $30,300 -53.7%
Saint Louis MO-IL $100,900 -16.9%
Salem OR $200,000 -8.5%
Salt Lake City UT $230,100 1.9%
San Antonio TX $148,300 -1.0%
San Diego-Carlsbad-San Marcos CA $323,200 -29.6%
San Francisco-Oakland-Fremont CA $402,000 -42.7%
San Jose-Sunnyvale-Santa Clara CA $450,000 -42.3%
Sarasota-Bradenton-Venice FL $155,200 -40.8%
Seattle-Tacoma-Bellevue WA $315,200 -15.3%
Shreveport-Bossier City LA $136,000 3.4%
Sioux Falls SD $95,500 -29.8%
South Bend-Mishawaka IN $61,800 -23.6%
Spartanburg SC $109,100 -16.3%
Spokane WA $180,000 -2.7%
Springfield IL $111,400 3.9%
Springfield MA $170,100 -14.1%
Springfield MO $116,300 -3.8%
Syracuse NY $113,700 3.1%
Tallahassee FL $156,000 -10.0%
Tampa-St.Petersburg-Clearwater FL $135,300 -26.7%
Toledo OH $65,500 -27.0%
Topeka KS $106,500 3.1%
Trenton-Ewing NJ $252,500 -12.4%
Tucson AZ $176,400 -20.2%
Tulsa OK N/A N/A
Virginia Beach-Norfolk-Newport News VA-NC $201,000 -8.2%
Washington-Arlington-Alexandria DC-VA-MD-WV $279,400 -25.0%
Waterloo/Cedar Falls IA $97,300 -6.4%
Wichita KS $108,700 -3.5%
Worcester MA $189,600 -23.6%
Yakima WA $143,500 -3.3%
Youngstown-Warren-Boardman OH-PA $51,200 -0.244
U.S. $169,000 -13.8%
NE $235,500 -15.9%
MW $132,400 -6.8%
SO $146,600 -10.8%
WE $237,600 -19.8%
By Les Christie, CNNMoney.com staff writer
Last Updated: May 12, 2009: 12:04 PM ET
NEW YORK (CNNMoney.com) -- The steep slide in home price accelerated at a record pace during the first three months of 2009, according to an industry report issued Tuesday.
The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008, according to the National Association of Realtors (NAR). That was the largest year-over-year decline in the 30-year history of the report.
NAR attributed much of the loss to two factors: First-time homebuyers, who are often entry-level buyers, accounted for about half of all purchases during the quarter. And many buyers took advantage of the deeply discounted prices of foreclosed properties and short sales. These distressed properties typically sell for 20% less than traditional homes, according to NAR. These homes also accounted for about half of all transactions.
Traditional homes in good condition have held their value much better, so owners shouldn\'t be overly concerned about median prices, said NAR president Charles McMillan, in a prepared statement.
Sales volume was weak as well. Homes sold at a 4.59 million annualized rate during the quarter, off 3.2% from the last three months of 2008 and down 6.8% from first quarter 2008.
NAR\'s chief economist, Lawrence Yun, characterized it as a lull before an upturn. Housing affordability conditions are at record high levels, he said, and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas.
Pat Newport, a real estate analyst with IHS Global Insight found NAR\'s state sales volume statistics especially telling - and far from positive. That tells me the market is still not healthy, he said.
Year-over-year sales volume increased substantially in only a few states, mostly one-time boom areas. Sales were way up in Nevada (116.8%), California (80.6%), Arizona (50.2%) and Florida (25%), as well as Virginia (12.2%) and Minnesota (11.9%). Everywhere else they were down for the year.
Where prices are down the sharpest, sales volume is up the most, said Mike Larson, a real estate analyst for Weiss Research. In the post-bubble markets, we\'ve seen more rationality come in.
Middle income workers can now actually buy a home without having to stretch or get themselves into some crazy mortgage, he added. Declining prices are not part of the problem, they\'re part of the solution.
Few cities recorded gains
Among 152 individual metro areas covered by the survey, only 18 reported year-over-year price gains. In Cumberland, Md., prices grew 21.1% to $114,900, the biggest gain of any market.
The second best performance was achieved by Davenport, Iowa, where the median price jumped 13.8% to $100,300 during the quarter. In Columbia, Mo., prices grew 6% to $152,600.
Cape Coral, Fla., posted the biggest drop year-over-year; prices fell 59.1% to $87,300. In Saginaw, Mich., the median cost of a home plunged 53.7% to $30,300, making it the lowest-priced market covered by NAR. In Akron, Ohio, the median priced home sold for $50,100, down 48.7%.
Regionally, prices fell the most in the West at 19.8%. They were down 15.9% in the Northeast, 10.8% in the South and 6.8% in the Midwest.
Despite the increased affordability, Larson does not forecast a return to a normal market until the end of 2010. Until then, he said, Buyers will continue to have the upper hand.
First Published: May 12, 2009: 10:00 AM ET
NAR 1st quarter 2009 home prices8224;
Single-family Homes
Apartment Condo-Coops
Total Home Sales
Metro Area State Median home price
1st Quarter Percent change from
1st Quarter 2008
Akron OH $50,100 -48.0%
Albany-Schenectady-Troy NY $184,500 -4.9%
Albuquerque NM $182,600 -4.1%
Allentown-Bethlehem-Easton PA-NJ $218,000 -8.0%
Amarillo TX $122,000 -0.2%
Anaheim-Santa Ana CA $435,800 -28.3%
Appleton WI $110,300 -8.4%
Atlanta-Sandy Springs-Marietta GA $115,600 -24.9%
Atlantic City NJ $219,100 -21.0%
Austin-Round Rock TX $182,300 -1.2%
Baltimore-Towson MD $245,800 -9.1%
Barnstable Town MA $276,700 -22.1%
Baton Rouge LA N/A N/A
Beaumont-Port Arthur TX $129,100 5.0%
Binghamton NY $110,300 0.5%
Birmingham-Hoover AL $130,400 -14.9%
Bismarck ND $153,300 -0.1%
Bloomington-Normal IL $153,800 1.9%
Boise City-Nampa ID $157,100 -18.8%
Boston-Cambridge-Quincy MA-NH** $290,700 -18.7%
Boulder CO $328,400 -7.7%
Bridgeport-Stamford-Norwalk CT $347,400 -20.9%
Buffalo-Niagara Falls NY $99,200 2.7%
Canton-Massillon OH $66,200 -25.2%
Cape Coral-Fort Myers FL $87,300 -59.1%
Cedar Rapids IA $127,300 -2.0%
Champaign-Urbana IL $141,600 1.6%
Charleston WV $188,200 -6.6%
Charleston-North Charleston SC $119,200 2.1%
Charlotte-Gastonia-Concord NC-SC $171,500 -11.0%
Chattanooga TN-GA $117,900 -5.8%
Chicago-Naperville-Joliet IL $185,600 -25.6%
Cincinnati-Middletown OH-KY-IN $106,500 -17.1%
Cleveland-Elyria-Mentor OH $69,900 -31.5%
Colordo Springs CO $180,000 -13.8%
Columbia MO $152,600 6.0%
Columbia SC $134,300 -5.2%
Columbus OH $118,300 -10.4%
Corpus Christi TX $126,300 -7.7%
Cumberland MD-WV $114,900 21.1%
Dallas-Fort Worth-Arlington TX $135,700 -4.7%
Danville IL N/A N/A
Davenport-Moline-Rock Island IA-IL $100,300 13.8%
Dayton OH $79,700 -20.7%
Decatur IL $77,100 -2.9%
Deltona-Daytona Beach-Ormond Beach FL $128,700 -26.7%
Denver-Aurora CO $192,900 -13.7%
Des Moines IA $137,300 -7.2%
Detroit-Warren-Livonia MI N/A N/A
Dover DE $201,000 1.0%
Durham NC $171,500 -3.8%
El Paso TX $77,100 -6.4%
Elmira NY $132,800 -0.8%
Erie PA $85,900 -11.1%
Eugene-Springfield OR $210,800 -7.3%
Fargo ND-MN $134,100 -2.0%
Farmington NM $191,200 0.7%
Florence SC $98,500 -15.7%
Ft. Wayne IN $80,600 -9.1%
Gainesville FL $160,300 -14.9%
Gary-Hammond IN $92,000 -25.8%
Glens Falls NY $156,600 -4.0%
Grand Rapids MI $72,000 -30.0%
Green Bay WI $138,400 1.0%
Greensboro-High Point NC $129,700 -8.9%
Greenville SC $142,000 -8.1%
Gulfport-Biloxi MS $132,800 -4.5%
Hagerstown-Martinsburg MD-WV $167,100 -13.3%
Hartford-West Hartford-East Hartford CT $222,300 -10.1%
Honolulu HI $570,000 -8.1%
Houston-Baytown-Sugar Land TX $138,500 -6.7%
Indianapolis IN $94,600 -11.8%
Jackson MS $122,600 -0.8%
Jacksonville FL $154,100 -17.0%
Kalamazoo-Portage MI N/A N/A
Kankakee-Bradley IL $116,600 -2.3%
Kansas City MO-KS $126,600 -9.2%
Kennewick-Richland-Pasco WA $159,300 -2.7%
Kingston NY $194,300 -18.3%
Knoxville TN $138,600 -5.1%
Lansing-E.Lansing MI $65,600 -29.1%
Las Vegas-Paradise NV $155,300 -37.3%
Lexington-Fayette KY $133,800 -3.7%
Lincoln NE $132,400 -1.2%
Little Rock-N. Little Rock AR $125,400 -1.4%
Los Angeles-Long Beach-Santa Ana CA $303,500 -34.1%
Louisville KY-IN $121,100 -8.0%
Madison WI $208,500 -0.04
Manchester-Nashua NH $215,700 -12.0%
Memphis TN-MS-AR $96,100 -13.3%
Miami-Fort Lauderdale-Miami Beach FL $206,000 -35.4%
Milwaukee-Waukesha-West Allis WI $201,500 -1.4%
Minneapolis-St. Paul-Bloomington MN-WI $174,100 -12.9%
Mobile AL $127,900 -1.5%
Montgomery AL $122,500 -8.4%
NY: Edison NJ N/A N/A
NY: Nassau-Suffolk NY $216,500 -15.3%
NY: Newark-Union NJ-PA $150,800 -4.0%
Nashville-Davidson--Murfreesboro TN $374,500 -16.0%
New Haven-Milford CT $429,900 -12.8%
New Orleans-Metairie-Kenner LA $320,900 -11.3%
New York-Northern New Jersey-Long Island NY-NJ-PA $376,700 -18.6%
New York-Wayne-White Plains NY-NJ $358,200 -12.5%
Norwich-New London CT $199,600 -18.5%
Ocala FL $108,600 -25.4%
Oklahoma City OK $129,900 4.0%
Omaha NE-IA $129,000 -2.9%
Orlando FL $154,800 -33.3%
Palm Bay-Melbourne-Titusville FL $114,300 -28.0%
Pensacola-Ferry Pass-Brent FL $137,200 -12.2%
Peoria IL $109,800 -7.7%
Philadelphia-Camden-Wilmington PA-NJ-DE-MD $206,000 -6.7%
Phoenix-Mesa-Scottsdale AZ $129,200 -41.9%
Pittsburgh PA $103,400 -7.3%
Pittsfield MA $180,000 -16.9%
Portland-South Portland-Biddeford ME $192,100 -17.9%
Portland-Vancouver-Beaverton OR-WA $248,600 -13.3%
Providence-New Bedford-Fall River RI-MA $202,400 -23.0%
Raleigh-Cary NC $223,000 -2.2%
Reading PA $145,200 -2.2%
Reno-Sparks NV $209,800 -26.0%
Richmond VA N/A N/A
Riverside-San Bernardino-Ontario CA $172,500 -39.9%
Rochester NY $105,600 -2.7%
Rockford IL $100,000 -13.2%
Sacramento--Arden-Arcade--Roseville CA $169,300 -34.5%
Saginaw-Saginaw Township North MI $30,300 -53.7%
Saint Louis MO-IL $100,900 -16.9%
Salem OR $200,000 -8.5%
Salt Lake City UT $230,100 1.9%
San Antonio TX $148,300 -1.0%
San Diego-Carlsbad-San Marcos CA $323,200 -29.6%
San Francisco-Oakland-Fremont CA $402,000 -42.7%
San Jose-Sunnyvale-Santa Clara CA $450,000 -42.3%
Sarasota-Bradenton-Venice FL $155,200 -40.8%
Seattle-Tacoma-Bellevue WA $315,200 -15.3%
Shreveport-Bossier City LA $136,000 3.4%
Sioux Falls SD $95,500 -29.8%
South Bend-Mishawaka IN $61,800 -23.6%
Spartanburg SC $109,100 -16.3%
Spokane WA $180,000 -2.7%
Springfield IL $111,400 3.9%
Springfield MA $170,100 -14.1%
Springfield MO $116,300 -3.8%
Syracuse NY $113,700 3.1%
Tallahassee FL $156,000 -10.0%
Tampa-St.Petersburg-Clearwater FL $135,300 -26.7%
Toledo OH $65,500 -27.0%
Topeka KS $106,500 3.1%
Trenton-Ewing NJ $252,500 -12.4%
Tucson AZ $176,400 -20.2%
Tulsa OK N/A N/A
Virginia Beach-Norfolk-Newport News VA-NC $201,000 -8.2%
Washington-Arlington-Alexandria DC-VA-MD-WV $279,400 -25.0%
Waterloo/Cedar Falls IA $97,300 -6.4%
Wichita KS $108,700 -3.5%
Worcester MA $189,600 -23.6%
Yakima WA $143,500 -3.3%
Youngstown-Warren-Boardman OH-PA $51,200 -0.244
U.S. $169,000 -13.8%
NE $235,500 -15.9%
MW $132,400 -6.8%
SO $146,600 -10.8%
WE $237,600 -19.8%
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