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Single Family Home Sales Trends Across Metropolitan Areas, August 2009

Single family home sales in August 2009 were up in 14 out of the 20 major metropolitan markets covered by the just released data from National Association of Realtors (NAR) compared to their levels in August 2008.

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Miami/Ft. Lauderdale was by far the top sales market with August 2009 single family home sales up 52.2% compared to August 2008. However, this was also the market where median single-family home prices registered the second largest annual drop (-23.6%, from 287,300 to 219,400) among the 20 markets covered by the data.

The second best performing metropolitan area was Phoenix, where single-family home sales were up 20.2% on an annual basis. However, this was also the market where median single-family home prices registered the largest annual drop (-26.4%, from 189,600 to 139,600).

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Philadelphia and Chicago were the third and fourth best performing markets in terms of single-family home sales, as they posted annual gains of 14.0% and 11.2%, respectively. However, Chicago was also the third worst performing market in terms of prices as they posted an annual drop of 21.1%.

Indianapolis was the worst performing market in terms of sales but also the best performing market in terms of prices. In particular, single-family home sales in Indianapolis decreased 25.5% compared to their August 2008 level, while median prices posted an annual gain of 3.5%.

Dallas and Houston were the second and third worst performing markets in terms of demand, as single-family home sales dropped by 11.8% and 10.3%, respectively, compared to their August 2008 levels. However, Houston was also the second best performing market in terms of prices, which posted an annual gain of 0.9%.

Median single-family home prices posted annual losses in all the markets covered by the NAR data but Indianapolis and Houston.



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