NAR: Prices down 9% in Q3 2008; 79% of MSAs show declines
Only 28 of 152 MSAs (18.4%) showed an increase in prices from the year-ago period. Four (2.6%) MSAs showed flat pricing, while 120 MSAs (78.9%) showed declines. For comparison sake, 54 of 150 MSAs (36%) showed falling prices in Q3 2007.
The national median price of a home was $200,500 in the quarter, 9% below the Q3 2007 price of $220,300. Sales were running at a seasonally adjusted annual rate of 5.04 million units, off 7.7% from the year-ago 5.46 million units.
The biggest YOY declines in prices (PDF link) were seen in the "usual suspects": Regions like Las Vegas-Paradise, NV (-28.4%), Cape Coral-Ft. Myers, FL (-31%), Los Angeles-Long Beach-Santa Ana, CA (-35.1%), Sacremento-Arden-Arcade-Roseville, CA (-36.8%), and Riverside-San Bernardino-Ontario, CA (-39.4%). Notable gains were mostly in Midwest and Farm Belt locations, like Witchita, KS (+5.5%), Tulsa, OK (+5.1%), Decatur, IL (+8.7%), and Bloomington-Normal, IL (+8.1%).