Yearly apartment price declines decelerated in most markets in Q3 2009, according to quarterly data released by the National Association of Realtors (NAR) covering the 55 largest metropolitan markets in the US.
In particular, yearly declines in median prices for apartments and condos/co-ops decelerated in 36 out of the 55 markets covered by the NAR data. However, there were wide variations in the rate of deceleration of apartment price declines across markets.
The largest deceleration in terms of percentage points was registered in the San Diego-Carlsbad-San Marcos, CA, metropolitan area where the 28.7% decline in the median apartment and condo/co-op price in Q2 2009 turned into a 13.3% increase in Q3 2009, representing an improvement of 42 percentage points.
The second largest deceleration in the decline rate took place in Sarasota-Bradenton-Venice, FL, whhere the 43.1% decline in the median apartment and condo/co-op price in Q2 2009 was reduced to a 24.7%% drop in Q3 2009, representing an improvement of 18.4% percentage points.
It is interesting to note that San Francisco and Los Angeles were the markets with the third and fourth largest reductions in yearly median apartment price declines, which decelerated from -22.5% and -34.7% in Q2 2009, respectively, to -5.2% and -17.6%, respectively, in Q3 2009.
The graph below presents the top twenty markets that posted the largest reduction (in percentage points) in yearly median apartment and condo/co-op price declines in Q3 2009 compared to Q2 2009.
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Twenty Markets with Largest Reductions (in Percentage Points) in Yearly Median Apartment Price Decilnes in Q3 2009
Sources: National Association of Realtors,www.Property-Investing.Org
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