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Home prices fell in a record number of U.S. metropolitan areas in Q4 2007, the National Association of Realtors announced Thursday, in a statement.Prices fell in 77 of 150 metropolitan areas tracked, the most since the NAR start tracking values in 1979. Moreover, 16 metro areas recorded declines of 10% or higher.
U.S. median home price declines
Meanwhile, on a year-over-year basis, the U.S. median home price also declined 5.8% in Q4 2007 to $206,200 compared to $219,000 in Q4 2006. Even more telling, home prices have declined more than 10% since their July 2006 peak.
The metropolitan area with the biggest decrease was Lansing- East Lansing, Michigan, which recorded a 19% decline. Prices fell 18.5% in the Sacramento, California region and 17% in Riverside and San Bernardino, California, and in the Jackson, Mississippi, region, the NAR announced.
Home prices fell in every region. The regional totals: West, down 8.7% to $324,100; Northeast, down 4.8% to $261,700; South, down 8.7% to $171,700; and the Midwest, down 3.2% to $156,300.
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