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
I'm MLR. After graduating from college debt free, I decided to write a blog encouraging people to adapt responsible and sensible personal finance rules.
September 29th, 2009 at 10:06 am |
Wow, some of those worst market numbers are just plain depressing. It’s going to be a long, long time before you recover from a more than fifty percent decline. Definitely something to consider before a major house purchase.
Roger´s last blog ..Going Green (Economically)
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