Industry NewsNews Brief

Resale home price falls 9.3% in 2008

Forecast calls for price turnaround in 2010

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The National Association of Realtors today reports that the median price of single-family resale homes sank 9.3 percent in 2008 and is projected to dip another 2.4 in 2009 before rising 4.6 percent in 2010. Sales of resale homes fell 13.1 percent in 2008, following a 12.8 percent drop in 2007, and are projected to rise 4.1 percent this year and another 6.3 percent in 2010, the Realtor trade group also reported. The report follows a series of record lows reported last month for several housing-market metrics (see Inman News). Single-family new-home prices fell an estimated 7 percent in 2008 and are projected to fall another 1.7 percent in 2009 before rising 4.8 percent in 2010. New-home sales dove 37.8 percent in 2008 following a 26.3 percent decline in 2007, and are projected to drop 30.4 percent in 2009 before rising a whopping 44.9 percent in 2010, according to the latest monthly NAR forecast. After dropping from 103 in 2007 to 58 in 2008, NAR projects that consumer conf...