US condo prices as of August 2009, registered a double-digit decline compared to their August 2008 level, according to recent data provided by the National Association of Realtors (NAR).
In particular, the average condo/co-op price in the US dropped 12.3% compared to its August 2008 level as reported by NAR. This development represents worsening compared to July 2009 when the unadjusted average condo/co-op price was 11.7% below its July 2008 level.
Trends in US condo prices varied widely across the four regions. For example, the average condo/co-op price in the Northeast, as of August 2009, was only 4.3% below its August 2008 level, while the average condo/co-op price in the Midwest was 19.5% below its August 2008 level.
It should be noted that Midwest price trends in August 2009 represent significant worsening compared to July 2009, when the average condo/co-op price was only 6% below its respective level a year ago.
Average condo prices in the West and South, as of August 2009, were by 17.4% and 15.8%, respectively, lower than their August 2008 levels.
It should be noted that these declines represent an improvement compared to July 2009, when average condo/co-op prices in the West and South were by 23.8% and 17.6%, respectively, lower than their July 2008 levels.
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