Industry News

Resale home prices fall 2% year-over-year in Q3

NAR: Sales drop more than 25% in five states

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Median single-family resale home prices rose in 62 percent of metro areas tracked by the National Association of Realtors in the third quarter compared to third quarter 2006, according to a report released today, while the U.S. median price fell 2 percent and total existing-home sales dropped in most states. Ninety-three of 150 metro areas in the report had year-over-year price gains in the third quarter, with double-digit price gains in six metro areas and double-digit price declines in three metro areas. Meanwhile, all but two states experienced a year-over-year sales decline in the third quarter, with two states reporting a sales increase and data not available for two states, according to the NAR report. The median single-family resale price slipped 3.8 percent in the West in the third quarter compared to third-quarter 2006, fell 3.6 percent in the South, rose 3.2 percent in the Northeast and gained 0.5 percent gain in the Midwest, the Realtor trade group reported. Nationwide sales...