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Existing home prices down across the country
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According to the National Association of Realtors (NAR), the national median existing-home price for all housing types was $183,300 in October, down 11.3 percent from a year ago when the median was $206,700.
NAR says there remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.
The median existing single-family home price was $181,800 in October, down 11.2 percent from a year ago. The median existing condo price was $193,000 in October, which is 13.0 percent below October 2007.
Home prices dropped the most dramatically in the West, where the median price was down in October by 27% from a year ago.
Northeast. The median price in the Northeast was $241,700, down 9.8 percent from October 2007.
West. The median price in the West was $231,400, down 27.0 percent from a year ago.
South. The median price in the South was $161,100, which is 5.8 percent lower than October 2007.
Midwest. The median price in the Midwest was $149,400, down 6.7 percent from a year ago.
For more info: Email Michele Lerner at MLerner@gmail.com
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