Median Home Prices Down in the Fourth Quarter
Most metropolitan area median home prices, impacted by distressed sales, trended down in the fourth quarter from a year earlier. At the same time, existing-home sales rose in only six states from the fourth quarter of 2007, according to the latest survey by the National Association of Realtors.
In the fourth quarter, 134 out of 153 metropolitan statistical areas showed declines in median existing single-family home prices from the same period in 2007, pulled down by active sales at the lower end that were driven by foreclosures. One area was unchanged and 18 metros reported price gains.
Distressed sales – foreclosures and short sales – accounted for 45 percent of transactions in the fourth quarter, dragging down the national median existing single-family price to $180,100, which is 12.4 percent below the fourth quarter of 2007 when conditions were more balanced; the median is where half sold for more and half sold for less.
Despite the drop in median home sales, the largest sales gain in the fourth quarter from a year earlier was in Nevada, up 133.7 percent, followed by California which rose 84.7 percent, Arizona, up 42.6 percent, and Florida with a 12.5 percent increase. Some housing experts contribute the sales gains to the increased foreclosures and short sales in those states.
California, Florida, Arizona post highest foreclosure totals
In a separate report from RealtyTrac, foreclosure filings were reported on 76,761 California properties, the most of any state despite a 14 percent decrease from the previous month. The state's foreclosure activity in January still increased 34 percent from January 2008.
Florida's 40,770 properties receiving foreclosure filings in January was the second highest total of any state, and Arizona's 14,674 properties receiving foreclosure filings was the third highest total of any state
Illinois foreclosure activity in January increased 16 percent from the previous month, giving the state 14,447 properties with foreclosure filings — the fourth highest state total. One in every 363 Illinois properties received a foreclosure filing in January, the nation's sixth highest foreclosure rate.
Nevada, Michigan, Ohio, Georgia, Texas and Virginia also reported foreclosure totals that were among the nation's 10 highest.
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