Metro Home Sales and Prices Plummet in Third Quarter

Published Nov 27, 2007 | RSS Feed

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Falling home prices and dwindling sales affected U.S. metros during the third quarter. Find out which cities and states experienced the biggest declines here.

Home Prices

Median third-quarter single-family home prices fell an average of 2.0 percent compared to the previous year. The largest declines occurred in the West and in the South, where median prices fell 3.8 and 3.6 percent respectively.

20 Metros with the Largest Home Price Declines

Metro Area	2007 Q3 Home Price	Year-Over-Year Decline (%)
Cape Coral-Fort Myers, FL	$236,700	-7.3%
Cleveland-Elyria-Mentor, OH	$132,700	-4.2%
Detroit-Warren-Livonia, MI	$142,900	-4.0%
Grand Rapids, MI	$128,600	-5.9%
Hagerstown-Martinsburg, MD-WV	$208,400	-8.0%
Lansing-East Lansing, MI	$133,700	-4.4%
Las Vegas-Paradise, NV	$295,500	-7.1%
Miami-Ft Lauderdale-Miami Bch, FL	$346,800	-5.2%
New Orleans-Metairie-Kenner, LA	$160,200	-8.2%
Edison, NJ	$391,800	-5.7%
Ocala, FL	$160,800	-6.0%
Palm Bay-Melbourne-Titusville, FL	$182,400	-12.4%
Phoenix-Mesa-Scottsdale, AZ	$255,500	-4.1%
Reno-Sparks, NV	$317,300	-7.1%
Riverside-San Bernardino, CA	$377,000	-7.6%
Sacramento-Arden-Arcade, CA	$335,700	-10.5%
Sarasota-Bradenton-Venice, FL	$287,400	-10.4%
Tampa-St Petersburg-Clearwater, FL	$$218,300	-6.7%
Toledo, OH	$107,000	-7.2%
Youngstown-Warren-Boardman, OH-PA	$81,600	-5.1%

Source: NAR

The largest third-quarter median home price declines were documented in metro areas in Florida and California. Several cities in Ohio, Michigan and Nevada also had significant price drops in a year-over-year comparison.

A new report prepared by Global Insight, a forecasting and consulting firm, projects property values will decline by $1.2 trillion in 2008. Price drops are expected to average seven percent. Foreclosures, slow sales and squeezed credit markets will all play a role in the declines.

Home Sales

According to the National Association of Realtors, single-family home sales were down 13.7 percent in the third quarter*.

The largest declines were documented in the West (-21.5 percent) and in the South (-14.3 percent), but the Midwest (-10.8 percent) and the Northeast (-7.3 percent) also suffered year-over-year drops.

10 States with the Largest Home Sale Declines

State	Year-Over-Year Decline (%)
Arizona	-30.9%
California	-27.8%
Florida	-32.0%
Illinois	-17.6%
Maryland	-28.6%
Minnesota	-20.2%
Nevada	-35.3%
New Mexico	-23.7%
Virginia	-19.1%
West Virginia	-19.0%

Source: NAR

*Sales numbers are seasonally adjusted.

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