Yearly apartment price trends across metropolitan markets followed in their majority the national trend of declining prices in Q3 2009, according to quarterly data released by the National Association of Realtors (NAR) and covering the 55 largest metropolitan markets.
In particular, median prices for apartments and condos/co-ops in 51 out of the 55 markets covered by the NAR data, registered yearly declines. However, there were wide variations in the magnitude of these declines across markets as they ranged from -0.6% in Louisville, KY-IN, to -46.4% Las Vegas-Paradise, NV.
The four best performing metropolitan markets that registered positive apartment price trends in Q3 2009 were San Diego-Carlsbad-San Marcos, CA, Cincinnati-Middletown, OH-KY-IN, Toledo, OH, and Indianapolis, IN, where median prices for apartments an condos/co-ops posted yearly increases of 13.3%, 2.0%, 1.7% and 0.8%, respectively.
Besides Las Vegas-Paradise, NV, the list of the five worst performing markets in Q3 2009 includes Miami-Fort Lauderdale-Miami Beach, FL, Phoenix-Mesa-Scottsdale, AZ, Cape Coral-Fort Myers, FL and Reno- Sparks, NV, which posted yearly declines of -36.0%, -36.9%, -37.0% and -44.4%, in their median apartment and condo/co-op prices.
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