Home Prices Falling at Record Rate
Compared with last year at this time, home prices have fallen by a record 9 percent
- $200,500: National median price of a single-family home in the third quarter of 2008
- $220,300: Median price a year ago
- 9 percent : Decrease in national median price of a single-family home compared with third quarter of 2007
- $65,800: Median price of a single-family home in Saginaw, Mich., down 22.5 percent year-over-year
- $650,000: Median price of a single-family home in the San Jose, Calif., metro area, down 23.5 percent year-over-year
- $210,800: National median price of existing condos, down 7.1 percent from $227,000 in the third quarter of 2007
Source: National Association of Realtors
Reader Comments
house prices have to continue down for quite some time
We have no shortage of land in the USA, therefore land/lot prices have to go down. Our land prices are simply artificial. Also,it doesn't cost $150per sq ft. to build a reasonable house. Therefore current house prices HAVE to go down. When our young people both of whom work can't afford to buy a new or a suitable home - something is fundamentally wrong here people. Prices are just too high! House prices fall with less demand right? We are losing jobs in the usa, so, demand is dropping. Current sellers of houses are just that - they will sell at these prices but are not interested in buying. Simple economics and artificial house prices WILL dictate the selling prices - not real estate agents or some un-founded and un-substantiated article with ridiculous graphs indicating rising home sales from PENNY SLEUTH! Too many of them are trying to play god and think they are above the crowds but time will show them that's not the truth. People's bank accounts will tell themselves what they can afford to pay for home prices and it's not anywhere near our current home prices. Sorry. This is not difficult to figure out what's wrong here folks. Perhaps somewhere around 12 -17 years ago prices are where we ought to be priced about. This is what I belive and I hope many many other people believe as well. Look, Japan's real estate prices dropped every year for over 15 years before any sustainable bottom was found. USA prices are not immunne from economics any more or less than any other developed country. In fact, probably quite the opposite. The errosion of our manufacturing base is not helping matters is it. Our completely greed- based reckless and irresponsible trade imbalances along with un-checked lobbyists are not helping us are they. How about those wall street bankers!!The "old-fashioned way"? I don't think so. The un-wise and altered "loan/debt" ratios and "BPO appraisals" have only brought us smack into an un-pleasant reality focus. And by the way. . . how are the FBI investigations comming along with all the "bail-out" and "refreral money" allocations, you know the golden "BY-BY CHUTES"? And the people's multi-level marketing programs by themselves,for themselves are wrong??! YOU should be glad that those people still have the will to work for pete's sake. They help pay the taxes to keep you guys at the trough don't they? Maybe we should examine YOUR "referral fees"! How would you like that? So what's the "rub" for??? OK, back to house prices then. Only good will come about to AMERICA with substantially reduced housing prices. There is nothing to fear here. It's the ILLUSIONS we have to watch out for - we can fear those if we want to fear something. In the meantime, let's just keep working, keep our faith and put our check books in the bottom drawer for some time re the home purchase shall we, and just you watch what is going to happen! Does any of this make any sense at all to anyone out there or am I the only one here? Later...
that's not good enough
home prices need to fall by about 50%, then those of us who had the brains to sit out the last mania will consider tapping our secure, fat wallets.
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