The Latest From The ‘Housing Recovery’
Home sales up, home prices down… and a fair amount of hopium in the bloodstream. The Associated Press’ J.W. Elphinstone reported today:
A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.
But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year’s figures, the National Association of Realtors said Tuesday.
See “heavily discounted distressed sales made up 30 percent of all deals.” Elphinstone continued:
The median sales prices of existing homes declined in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities.
The national median price clocked in at $177,900, or 11 percent below the third quarter last year.
“The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas,” said Lawrence Yun, the group’s chief economist, in a statement. “But we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market.”
Don’t hold your breath. I’m guessing that until the job picture improves, that could be a while.
Sources:
“Median home prices fell nationwide in 3Q”
J.W. Elphinstone
Associated Press, November 10, 2009
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