US Housing Prices Posted a Yearly Drop of Less than 5% in November 2009
Average US housing prices posted a yearly drop of less than 5% in November 2009, according to latest data released by the National Association of Realtors (NAR).
In particular, the average US home price decreased to $216,400 in November 2009, representing a year-over-year drop of 3.0%. This represents a deceleration of the annual rate of decline as in October 2009 the average US home price decreased 5%.
Yearly trends in US housing prices varied widely across regions not only in terms of magnitude but also in terms of direction. In particular, average housing prices decreased in all regions but the Midwest, where they increased by 1.2%.
The Northeast was the worst performing region in November 2009 as the average housing price posted a yearly drop of -8.8%. The year-over-year rate of decline of US average housing prices in the West and South was considerably smaller (-2.4% and -0.7%, respectively).
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