Trends in US Home Prices in May 2009
Average home prices in May 2009 declined in all four US regions. The worst performer was by far the West, where the average sales price dropped to $240, 800, representing a 26% decline from its May 2008 level of $325,600. The region with the smallest annual decline was the Midwest where home sales prices dropped 9.1% (from $190,600 in May 2008 to $173,300 in May 2009). The average sales price in the South dropped 9.5%, from $218,500 in May 2008 to $197,700 in May 2009. Finally, average home prices in the Northeast dropped 10.6%, from $309,200 in May 2008 to $276,300 in May 2009. Trends in average single-family home prices were very similar to the ones reported above for all homes (including condos and co-ops) at both the national and regional level. In particular, at the national level, single-family house prices in May 2009 registered a drop of 14.1%, with the average price in the West dropping the most (25.9%), followed by the Northeast where the average sales price dropped 11.2%. Average single-family house prices in the Midwest and South dropped 7.3% and 8.6%, respectively. The average sales price for condo/co-op units at the national level registered a higher annual decline in May 2009 compared to the drop in single-family houses. In particular, the average sales price for condo/co-op units dropped from $263,400 in May 2008 to 214,600 in May 2009, representing a decrease of 18.5%.
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