Industry News

NAR reports Q4 price drops in most metros

Nevada see largest decline in sales of existing homes in 2007

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The median price of U.S. single-family resale homes dropped 5.8 percent in the fourth quarter compared to the same quarter in 2006, the National Association of Realtors reported today, with prices falling in 77 of 150 metro areas tracked. Sales of resale homes, including single-family homes and condos, fell 20.9 percent in the fourth quarter compared to the same quarter in the previous year. Fourth-quarter sales dropped in every state compared to the previous year's fourth quarter except in South Dakota, which saw sales rise 8.9 percent compared to 2006, NAR reported. Median single-family prices dropped most in the Lansing, Mich., metro area, falling 18.8 percent year-over-year in the fourth quarter. Next on the list was the Sacramento, Calif., metro area, down 18.5 percent; Riverside, Calif., down 16.8 percent; Jackson, Miss., down 16.8 percent; Decatur, Ill., down 15.9 percent; Detroit, Mich., down 13.8 percent; Los Angeles, Calif., down 13.1 percent; Palm Bay and Cape Coral, Fla., d...