Year-over-year median single family home price declines decelerated in the majority of metropolitan markets in Q3 2009, according to quarterly data released by the National Association of Realtors (NAR) covering 153 major metropolitan markets in the US.
In particular, year-over-year declines in median prices for single family homes decelerated in 101 out of the 153 metropolitan areas covered by the NAR data. However, there were wide variations in the magnitude of the deceleration of single family home price declines across markets.
The largest deceleration in percentage points (simple difference of the two rates of change in Q2 2009 and Q3 2009) was registered in the Saginaw-Saginaw Township North, MI, metropolitan area where the 30.6% decline in the median single family home price in Q2 2009 was reduced to a 6.7% drop in Q3 2009, representing an improvement of 23.9 percentage points.
San Jose-Sunnyvale-Santa Clara, CA and San Francisco-Oakland-Fremont, CA were the markets with the second and third largest reductions in year-over-year median single family home price declines, which decelerated from -33.8% and -31.0% in Q2 2009, respectively, to -12.9% and -12.6%, respectively, in Q3 2009, representing improvements of 20.9 and 18.4 percentage points, respectively.
It is interesting to note that the Los Angeles-Long Beach-Santa Ana, CA metropolitan area registered the 8th largest reduction in the yearly median single family home price decline, which decelerated from -25.7% in Q2 2009 to -11.5% in Q3 2009, representing an improvement of 14.2 percentage points.
The graph below presents the top twenty markets that posted the largest reduction (in percentage points) in year-over-year median single family home price declines in Q3 2009 compared to Q2 2009, and the respective rates of change in Q3 2009.
Top 20 Markets with Largest Reduction (in Percentage Points) of Yearly Price Declines in Median Single Family Home Prices in Q3 2009
Sources: National Association of Realtors, www.Property-Investing.Org
Percent Change in Median Single Family Home Prices in Q3 in Markets with Largest Decrease in Rate of Decline
Sources: National Association of Realtors, www.Property-Investing.Org
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