The topic of the crashing housing market needs no introduction unless you’ve been in a fallout shelter for the past year.

So, how bad is it? And alternatively, are there any markets doing alright?

Nationally, the median home price fell 15.6% during just the second quarter of 2009.

The stats versus the second quarter last year for the country, and by region, are below.

Metro Area	State	Median Home Price	2nd Quarter % Change from 2nd Quarter 2008
U.S.	–	$174,100	-13.8%
North East	–	$246,000	-15.9%
Mid-West	–	$146,800	-6.8%
South	–	$158,600	-10.8%
West	–	$212,600	-19.8%

 

That’s interesting and all, but let’s break it down into smaller subsets of data. How did we fair by city/metro area?

The Big Winners

Metro Area	State	Median Home Price	2nd Quarter % Change from 2nd Quarter 2008
Davenport-Moline-Rock Island	IA-IL	$113,200	30.6%
Cumberland	MD-WV	$123,500	21.7%
El Paso	TX	$85,000	11.3%
Beaumont-Port Arthur	TX	$138,600	11.0%
Jackson	MS	$140,100	8.2%

 

The Big Losers

Metro Area	State	Median Home Price	2nd Quarter % Change from 2nd Quarter 2008
Cape Coral-Fort Myers	FL	$84,000	-52.8%
Las Vegas-Paradise	NV	$141,800	-39.7%
Riverside-San Bernardino-Ontario	CA	$161,500	-39.1%
Phoenix-Mesa-Scottsdale	AZ	$131,100	-36.1%
Sarasota-Bradenton-Venice	FL	$175,800	-34.0%

The trend continues, there’s a lot more California, Florida, Nevada. and Michigan in the biggest losers section.

Are We Done Yet?

Obviously, there are some metro areas that are growing in value. Some are growing substantially. But there are A LOT more metro areas that are still decreasing in value.

The housing market still has room to fall, and some estimates show that we have another year of falling prices to go! So don’t buy a house just because people are pressuring you. If this data says anything, it says you should wait until you are ready.

Source: CNN Money