Housing Prices Increased in Q2 2009
After dropping 10.1% in the fourth quarter of 2008 and 7.2% in the first quarter of 2009, the median sales price of existing single-family houses in the US increased by 4.1% in the second quarter of 2009. In particular, it increased from $167,300 in the first quarter of 2009 to $174,100 in the second quarter. On an annual basis though, median sales prices were still 15.6% below the levels that prevailed in the second quarter of 2008. The worst by far performer was the West, where the median single-family price dropped by 7.2%. The median sales price of single-family homes has been declining in each and every of the past four quarters in this region at rates ranging between 7% and 8.1%. In the second quarter of 2009, median single-family prices declined in all US regions compared to the levels that prevailed in the second quarter of 2008. The worst performing region was by far the West, where the median house price plunged 26.6% below the level that prevailed in the second quarter of 2008. The "best" performing region was the Midwest where the median home price was only 8.6% below the level that prevailed in the second quarter of 2008. Median house prices in the Northeast and the South were 9.7% and 10.3%, respectively, below their second quarter 2008 levels.
|
