Home prices fall nationwide; Springs stable

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Home prices fell in the fourth quarter in the majority of U.S. metropolitan areas surveyed by the National Association of Realtors, according to a report issued today.

The median sale price of a U.S. home dropped 5.8 percent to $206,200 in the last three months of 2007 from $219,000 during the same period of 2006, the realtors’ group said today. Prices fell in 77 of 150 metropolitan areas, the most since the group began tracking values in 1979. The decline was 10 percent or more in 16 metro areas.

But not all of the news was bad. Seventy-three out of 150 metropolitan statistical areas showed increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more.

The Colorado Springs metropolitan area saw a slight decline in median sale prices, from $218, 200 to $217,500. However, that was still substantially above the 2005 median of $205,900.

The inventory of unsold homes was 3.91 million in December, according to the realtors’ group. The average number since 2000 is 2.67 million.

2 Responses to Home prices fall nationwide; Springs stable

  1. Things in the Springs are starting to look better. The number of homes on the market is coming down and more buyers seem to be coming into the market. Our showings have increased every week for the last 3. I heard about a home in Colorado Springs that just had multiple offers.
    If you are a buyer, BUY NOW, things are not going to stay low and slow forever. Interest Rates have started to come up just a little in the last week. But now is still a great time.
    If you are a seller, price it right, hire only the best agent you can. I would strongly recommend a full time person that actually has sold more than a few homes. Every showing right now is a buyer so be ready.
    Call me for more information on the market conditions.

    Jay Carden
    RE/MAX Properties, Inc.

    Colorado Real Estate Broker
    March 7, 2008 at 4:37 pm

  2. Minnesota real estate agent said.

    We are seeing a lot of activity in “first time home buyers”. We estimate that we have saved our buyer over $250,000.00 since the first of the year on home purchases. There are a lot of folks out there that have been renting, have good credit, and are eligible for many of the programs out there that can still get them in with little down.

    One program that we have seen great results is with the “Rural Development Funding”. A client needs to meet some of the parameters, live outside of a metro area, but can receive up to 6% closing cost.

    I agree with the Colorado Broker in saying that if you are a seller you have to price the home correctly and have it designed to sell. We have had a couple of our listings move within the first two weeks. I will say that there are a lot of homes being listed in our market 10 to 20 percent high and they just sit. I again agree with Colorado Broker, home owners that want to sell their home need to price it right, hire only the best agent you know, and of course hirer one that is thinking of you.

    Robert Zuzek
    RE/MAX Metro Partners Real Estate

    Robert Zuzek
    April 8, 2008 at 8:17 am