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Metropolitan Apartment Price Trends in Q3 2009

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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Related Posts
Median Apartment Prices in the US Posted a Yearly Drop of More than 15% in Q3 2009
US Single-Family Home Prices Posted Double-Digit Year-Over-Year Decline in Q3 2009
States with Fastest Rising Home Sales in the Third Quarter of 2009
US Home Sales Incrased by More than 10% in the Third Quarter of 2009
Rates for Fixed-Rate Mortgages Predicted to Rise to 5.36% in 2010
The 30-Year Mortgage Rate Dropped Below 5% in Week of November 5
Multifamily Starts are Predicted to Continue Declining in 2010
Annual Price Declines for New Single Family Homes Decelerated to Less than 2% in September 2009
Multifamily Mortgage Originations Posted a Double-Digit Drop in Q3 2009

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