Median apartment prices in the US posted a yearly drop of more than 15% in Q3 2009, according to quarterly data released on November 10 by the National Association of Realtors (NAR).
More specifically, the median sales price for existing apartments and condos/co-ops in the US dropped from $210,500 in Q3 2008 to $178,000 in Q3 2009 representing a year-over-year drop of 15.4%. It should be noted though that this decline represents a noticeable deceleration compared to the yearly price decline of 19.8% registered in the second quarter of 2009.
Trends in median apartment prices varied widely across US regions in Q3 2009. The smallest yearly decline of 8.7% was registered in the Northeast. However, this was the only region in which the rate of yearly decline accelerated instead of decelerating, as the median apartment and condo/co-op price had posted a yearly decline of 8.0% in Q2 2009.
The largest yearly drop was registered in the West where the median apartment and condo/cop-op price declined by 22.8%. However, this was also the region in which the rate of decline decelerated the most (almost 10 percentage points) as the yearly price decline in Q2 2009 was 32.4%.
Median apartment prices in the South and Midwest posted year-over-year declines of 18.7% and 16.4% respectively, in Q3 2009, representing a considerable deceleration compared to Q2 when median apartment and condo/co-op prices in these two regions posted yearly declines of 25.4% and 20.5%, respectively.
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