The NAR (National Association of Realtors) reported on May 12, 2009 that 134 of 152 metro areas nationwide experienced a decline in the average median price of a home when compared with the same period in 2008. Only 18 other cities saw the median price increase.
Across the country, more than one-half of total sales were generated from both foreclosed and short sale properties. Nationwide, sales dropped just over 3% from 2008.
Some experts see the bottoming out coming in the near future; while others site current signs of recovery might be short-lived if unemployment continues to rise.
6 states saw a decrease in home sales: California, Nevada, Virginia, Florida, Minnesota and Arizona. In these states, buyers have been able to purchase homes at deep discounts due to the large number of foreclosures available in these markets.
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