Q4 Home Sales, Prices Fall, But 73 Cities Post Gains

February 16, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Boston Condos, Boston Real Estate 

Sales of existing single-family homes and condos fell 20.9 percent during the fourth quarter of 2007, to a seasonally adjusted annual rate of 4.96 million units compared to a year ago, according to NAR. The national median sale price of an existing single-family home was $206,200 in the fourth quarter, down 5.8 percent from the previous year when the median price was $219,000. Median sale prices fell in the fourth quarter in all four U.S. regions, with declines of 3.2 percent in the Midwest; 4.8 percent in the Northeast; 5.4 percent in the South; and 8.7 percent in the West.

Still, of the 150 metro areas covered in NAR’s survey, 73 showed price gains, including 11 with double-digit increases. Seventy-seven had price declines, including 16 with double-digit drops.

Boston, according to the “Median Sales Price for Existing Condos - Coops Homes for Metropolitan Areas” survey, increased 2.4% from last year. San Fransisco increased 2.7%, Providence increased 3.6% and Chicago increased 6.4%. New York decreased 2.9%, Miami decreased 6%, Los Angeles decreased 9.7% and Las Vegas decreased 10.3%.

Source: NAR

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