Home prices fell 12% in the U.S. for 2009

February 11, 2010 by · Leave a Comment
Filed under: Real Estate News 

CNN, New York – The real estate roller-coaster ride continued last year as the median price of U.S. single-family home plunged 11.9% to $173,200.

The housing situation had been looking up earlier in the year, with prices gaining ground in the first nine months. But the increases weren’t enough to push the median home price above 2008’s bar of $196,600, according to the National Association of Realtors.

And then, prices fell in the fourth quarter, dropping 2.9% compared to the previous three months and 4.1% compared to the last quarter of 2008.

Still, the quarter-over-quarter drop was encouraging to NAR, which tracks home prices and sales.

“This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” said Lawrence Yun, NAR’s chief economist. “Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable.”

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