Home prices continue to fall The latest quarterly report from Realtors shows significant drops in markets across the nation.
By Les Christie, CNNMoney.com staff writer
November 21 2007: 3:43 PM EST
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NEW YORK (CNNMoney.com) -- Housing price drops, driven by soaring foreclosure rates, accelerated during the three months ended September 30, according to the latest data from the National Association of Realtors (NAR).
The median single-family house price in the United States fell to $220,800, which was down 2 percent from a year ago. Condo prices showed some resiliency: At $226,900, they rose 2 percent compared with 12 months ago.
"The biggest decline in sales appears to be concentrated in areas that had significant levels of speculative investment, including Nevada, Florida and Arizona," Lawrence Yun, NAR's chief economist, said in a statement.
Most declines occurred either in once hot markets or Rust-Belt areas clobbered by economic setbacks and job losses, like Detroit and Cleveland .
The Palm Bay/Melbourne, Fla. area recorded the steepest loss. Prices there plunged 12.4 percent to $182,400. Close behind was Sacramento, Calif. with a decline of 10.5 percent to $335,700.
Some metro areas bucked the national trend. In the heartland, Bismarck, N.D. prices were strongly positive with a growth rate of 15.1 percent to $161,600 compared with a year ago, . Salt Lake City also recorded a big gain, with prices up 14.1 percent to $246,700.
Regionally, the best performing area was the Northeast, where the median home price rose 3.2 percent to $286,300. In the Midwest, the median price, at $170,800, was up 0.5 percent. Prices in the South fell 3.6 percent to $180,800, and in the West, they dropped 3.8 percent to $338,100.
Many of the worst hit cities have also recently recorded high rates of foreclosure. In Detroit, where one of every 33 households is in some stage of default, prices declined 7.3 percent to $142,900. Riverside/San Bernardino, Calif. prices dropped 7.6 percent to $377,000. And Cleveland prices fell 4.2 percent to $132,700.
Condo prices fell 17.3 percent in Cape Cora, Fla. to $224,900, the steepest decline in the nation. In Bismarck, they rose 22.3 percent to $133,300, for the highest gain.
The highest priced metro area market is San Jose, Calif. where prices grew 9.4 percent over the past 12 months to $852,500. San Francisco trailed slightly, at $825,400.
The lowest priced market is Youngstown, Ohio, at $81,600.
NAR 3rd quarter 2007 home prices
U.S.
$220,800
-2.0%
NE
$286,300
3.2%
MW
$170,800
0.5%
SO
$180,800
-3.6%
WE
$338,100
-3.8%
Akron
OH $124,700
6.9%
Albany-Schenectady-Troy
NY $204,500
3.5%
Albuquerque
NM $204,800
7.2%
Allentown-Bethlehem-Easton
PA - NJ $272,900
1.1%
Amarillo
TX $123,100
1.9%
Appleton
WI $128,500
0.8%
Atlanta-Sandy Springs-Marietta
GA $175,300
-0.5%
Atlantic City
NJ $273,100
6.2%
Austin-Round Rock
TX $188,200
7.2%
Baltimore-Towson
MD $291,400
1.7%
Barnstable Town
NA $400,600
3.1%
Baton Rouge
LA $176,700
-1.0%
Beaumont-Port Arthur
TX $129,100
10.2%
Binghamton
NY $119,600
11.4%
Birmingham-Hoover
AL $165,900
0.4%
Bismarck
ND $161,600
15.1%
Bloomington-Normal
IL $155,800
-0.3%
Boise City-Nampa
ID $209,000
Unch
Boston-Cambridge-Quincy**
MA - NH $414,700
0.6%
Boulder
CO $367,500
Unch
Bridgeport-Stamford-Norwalk
CT $491,100
2.3%
Buffalo-Niagara Falls
NY $110,900
4.6%
Canton-Massillon
OH $115,700
3.0%
Cape Coral-Fort Myers
FL $236,700
-7.3%
Cedar Rapids
IA N/A
N/A
Champaign-Urbana
IL $142,600
-3.9%
Charleston
WV $123,400
4.1%
Charleston-North Charleston
SC $212,300
-1.8%
Charlotte-Gastonia-Concord
NC - SC $220,100
11.0%
Chattanooga
TN - GA $133,200
-2.1%
Chicago-Naperville-Joliet
IL $286,400
2.5%
Cincinnati-Middletown
OH - KY - IN $145,300
0.3%
Cleveland-Elyria-Mentor
OH $132,700
-4.2%
Colordo Springs
CO $222,400
-0.7%
Columbia
SC $149,500
6.7%
Columbus
OH $151,600
0.1%
Corpus Christi
TX $140,500
7.6%
Cumberland
WV $107,700
6.7%
Dallas-Fort Worth-Arlington
TX $146,800
-3.0%
Danville
IL N/A
N/A
Davenport-Moline-Rock Island
IA - IL $114,600
2.8%
Dayton
OH $121,400
-0.8%
Decatur
IL $85,900
-0.1%
Deltona-Daytona Beach-Ormond Beach
FL $195,000
-3.2%
Denver-Aurora
CO $254,100
0.4%
Des Moines
IA $153,900
5.5%
Detroit-Warren-Livonia
MI $142,900
-7.3%
Dover
DE $219,800
2.3%
Durham
NC $186,900
6.2%
Elmira
NY $93,300
-0.3%
El Paso
TX $135,800
4.5%
Erie
PA $103,800
0.2%
Eugene-Springfield
OR $241,900
3.0%
Fargo
ND - MN $145,700
6.1%
Farmington
NM $190,400
8.1%
Anaheim-Santa Ana
CA $700,700
-0.6%
Ft. Wayne
IN $101,300
-0.1%
Gainesville
FL $206,600
-4.0%
Gary-Hammond
IN $144,300
6.7%
Glens Falls
NY $170,700
4.0%
Grand Rapids
MI $128,600
-5.9%
Green Bay
WI $162,900
7.2%
Greensboro-High Point
NC $155,500
2.4%
Greenville
SC $159,600
2.1%
Gulfport-Biloxi
MS $159,200
3.1%
Hagerstown-Martinsburg
MD - WV $208,400
-8.0%
Hartford-West Hartford-East Hartford
CT $270,100
0.7%
Honolulu
HI $649,900
2.3%
Houston-Baytown-Sugar Land
TX $155,800
2.0%
Indianapolis
IN $123,500
0.9%
Jackson
MS $145,400
-2.2%
Jacksonville
FL $189,200
-3.5%
Kalamazoo-Portage
MI N/A
N/A
Kankakee-Bradley
IL $142,100
2.7%
Kansas City
MO - KS $157,000
-0.7%
Kennewick-Richland-Pasco
WA $172,300
3.4%
Kingston
NY $269,500
1.2%
Knoxville
TN $158,400
3.2%
Lansing-E.Lansing
MI $133,700
-4.4%
Las Vegas-Paradise
NV $295,500
-7.1%
Lexington-Fayette
KY $150,100
0.7%
Lincoln
NE $138,800
0.7%
Little Rock-N. Little Rock
AR $131,600
2.1%
Los Angeles-Long Beach-Santa Ana
CA $588,400
1.1%
Louisville
KY - IN $141,900
-0.4%
Madison
WI $234,500
3.0%
Memphis
TN - MS - AR $141,300
-2.8%
Miami-Fort Lauderdale-Miami Beach
FL $346,800
-5.2%
Milwaukee-Waukesha-West Allis
WI $231,100
3.0%
Minneapolis-St. Paul-Bloomington
MN - WI $229,600
-1.7%
Mobile
AL $136,300
-0.9%
Montgomery
AL $148,400
1.7%
Nashville-Davidson--Murfreesboro
TN N/A
N/A
New Haven-Milford
CT $292,400
-1.7%
New Orleans-Metairie-Kenner
LA $160,200
-8.2%
New York-Northern New Jersey-Long Island
NY - NJ - PA $476,100
-0.6%
New York-Wayne-White Plains
NY - NJ $550,900
3.6%
NY: Edison
NJ $391,800
-5.7%
NY: Nassau-Suffolk
NY $470,000
-0.4%
NY: Newark-Union
NJ - PA $459,700
0.9%
Norwich-New London
CT $266,000
0.9%
Ocala
FL $160,800
-6.0%
Oklahoma City
OK $130,000
2.4%
Omaha
NE - IA $142,800
2.1%
Orlando
FL $266,800
-1.5%
Palm Bay-Melbourne-Titusville
FL $182,400
-12.4%
Pensacola-Ferry Pass-Brent
FL $170,000
0.8%
Peoria
IL $125,200
4.9%
Philadelphia-Camden-Wilmington
PA - NJ - DE "MD $243,000
2.9%
Phoenix-Mesa-Scottsdale
AZ $255,500
-4.1%
Pittsburgh
PA $127,700
6.1%
Pittsfield
MA $215,300
4.5%
Portland-South Portland-Biddeford
ME $245,900
0.6%
Portland-Vancouver-Beaverton
OE - WA $299,700
5.2%
Providence-New Bedford-Fall River
RI - MA $291,000
-1.7%
Raleigh-Cary
NC $229,500
7.5%
Reading
PA $162,900
7.0%
Reno-Sparks
NV $317,300
-7.1%
Richmond
VA $238,800
3.2%
Riverside-San Bernardino-Ontario
CA $377,000
-7.6%
Rochester
NY $123,000
1.0%
Rockford
IL $125,100
2.3%
Sacramento--Arden-Arcade--Roseville
CA $335,700
-10.5%
Saginaw-Saginaw Township North
MI $84,900
N/A
Saint Louis
MO - IL $150,500
-2.5%
Salem
OR $235,400
3.2%
Salt Lake City
UT $246,700
14.1%
San Antonio
TX $154,700
5.7%
San Diego-Carlsbad-San Marcos
CA $589,300
-2.1%
San Francisco-Oakland-Fremont
CA $825,400
8.6%
San Jose-Sunnyvale-Santa Clara
CA $852,500
9.4%
Sarasota-Bradenton-Venice
FL $287,400
-10.4%
Seattle-Tacoma-Bellevue
WA $394,700
6.0%
Shreveport-Bossier City
LA $140,200
6.2%
Sioux Falls
SD $147,100
5.1%
South Bend-Mishawaka
IN $95,200
-0.8%
Spartanburg
SC $134,400
5.1%
Spokane
WA $206,800
8.2%
Springfield
IL $111,200
-1.8%
Springfield
MA $214,900
-1.8%
Springfield
MO $127,000
Unch
Syracuse
NY $124,900
0.6%
Tallahassee
FL $174,300
-1.5%
Tampa-St.Petersburg-Clearwater
FL $218,300
-6.7%
Toledo
OH $107,100
-7.2%
Topeka
KS $117,100
4.3%
Trenton-Ewing
NJ $328,600
6.0%
Tucson
AZ $244,800
0.5%
Tulsa
OK N/A
N/A
Virginia Beach-Norfolk-Newport News
VA - NC $255,000
4.6%
Washington-Arlington-Alexandria
DC - VA - MD "WV $438,000
1.3%
Waterloo/Cedar Falls
IA $115,800
2.0%
Wichita
KS $118,800
5.7%
Worcester
MA $282,800
-0.9%
Yakima
WA $163,200
13.6%
Youngstown-Warren-Boardman
OH - PA $81,600
-5.1%
U.S.
$226,900
2.0%
NE
$259,800
4.4%
MW
$199,900
4.0%
SO
$183,200
0.0%
WE
$257,900
-2.3%
Albuquerque
NM $151,000
-1.5%
Atlanta-Sandy Springs-Marietta
GA $147,800
-5.0%
Austin-Round Rock
TX $171,700
19.2%
Baltimore-Towson
MD $241,100
2.9%
Bismarck
ND $133,300
22.3%
Boston-Cambridge-Quincy
MA - NH $316,000
5.1%
Boulder
CO $209,400
2.2%
Bridgeport-Stamford-Norwalk
CT $274,500
-3.2%
Cape Coral-Fort Myers
FL $224,900
-17.3%
Chicago-Naperville-Joliet
IL $236,800
4.8%
Cincinnati-Middletown
OH - KY - IN $117,500
2.4%
Cleveland-Elyria-Mentor
OH $123,400
1.2%
Colorado Springs
CO $159,000
2.7%
Columbus
OH $129,200
4.3%
Dallas-Fort Worth-Arlington
TX $134,900
14.5%
Greensboro-High Point
NC $121,600
7.6%
Hartford-West Hartford-East Hartford
CT $176,100
1.1%
Honolulu
HI $330,000
4.8%
Houston-Baytown-Sugar Land
TX $124,100
3.8%
Indianapolis
IN $131,800
3.2%
Jacksonville
FL $154,100
-7.6%
Knoxville
TN $169,000
10.1%
Las Vegas-Paradise
NV $188,200
-8.2%
Los Angeles-Long Beach-Santa Ana
CA $388,800
1.1%
Louisville
KY - IN $124,600
4.2%
Madison
WI $166,500
4.5%
Miami-Fort Lauderdale-Miami Beach
FL $186,100
-2.0%
Milwaukee-Waukesha-West Allis
WI $172,700
2.4%
New Haven-Milford
CT $187,100
2.4%
New Orleans-Metairie-Kenner
LA $160,000
-12.1%
New York-Wayne-White Plains
NY - NJ $336,100
2.6%
NY: Newark-Union
NJ - PA $312,400
-4.2%
NY:Edison
NJ $285,400
-2.9%
NY:Nassau-Suffolk
NY $255,200
4.4%
Norwich-New London
CT $191,000
3.0%
Palm Bay-Melbourne-Titusville
FL $161,600
-9.0%
Philadelphia-Camden-Wilmington
PA - NJ - DE - MD $195,900
1.1%
Phoenix-Mesa-Scottsdale
AZ $184,900
1.8%
Portland-South Portland-Biddeford
ME $206,800
0.5%
Portland-Vancouver-Beaverton
OR - WA $210,200
14.9%
Providence-New Bedford-Fall River
RI - MA $229,900
1.1%
Reno-Sparks
NV $199,300
6.4%
Richmond
VA $192,700
5.4%
Riverside-San Bernardino-Ontario
CA $1,000
N/A
Rochester
NY $114,000
5.4%
Sacramento--Arden-Arcade--Roseville
VA $214,400
-10.4%
Salt Lake City
UT $162,500
12.1%
San Diego-Carlsbad-San Marcos
CA $351,900
-2.5%
San Francisco-Oakland-Fremont
CA $633,700
5.5%
Sarasota-Bradenton-Venice
FL $284,200
-0.2%
Springfield
MA $159,500
4.8%
Syracuse
NY $151,400
3.7%
Tampa-St. Petersburg-Clearwater
FL $166,500
1.1%
Toledo
OH $150,900
-0.9%
Trenton-Ewing
NJ $244,900
2.3%
Tucson
AZ $150,800
-2.7%
Virginia Beach-Norfolk-Newport News
VA - NC $175,900
1.1%
Washington-Arlington-Alexandria
DC - VA - MD - WV $296,200
1.5%
Wichita
KS $117,100
-2.0%
Worcester
MA $201,000
-3.1%
Source:
*All areas are metropolitan statistical areas (MSA) as defined by the US Office of Management and Budget as of 2004.
