The housing market is still mired in price declines during the third quarter. Prices declined in 80% of metro areas. Of the 153 metro areas surveyed, 123 still saw price declines, while 30 saw price increases. Overall, the national median price has fallen 11.2% from last year.
Let's look at specific towns and cities with the highest price declines and the highest price increases:
- Fort Myers, Florida tops the list with a 40% decline. Median home prices were $98,000.00
- Las Vegas, Nevada saw a 35% decline. Median home prices were $138,500.00
- On the up side, Cumberland Maryland saw a price increase of 19% Median home prices rose to $122,100.00
- Davenport, Iowa was next with a 14% increase. Median home prices were $115,600.00.
Analysts have seen some improvement in total sales for the third quarter. Sales were 5.3 million, up 11% from the 4.76 million units in the second quarter.
The $8,000.00 first time home buyers was extended for buyers who sign contracts before April 30 and close before June 30. In addition, home owners who have owned their homes for at least five years are eligible for a $6,500.00 credit.
Do you believe that home prices will continue falling in 2010?
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