Realism by Region
A year ago home prices for existing homes were rising at an average of 15%. Yet, within the span of one year, that average has dropped to below zero. Those are the findings of the National Association of Realtors who place the August 2006 national median home price at $225,000, 1.7% lower than a year ago.
As the market adjusts, more and more sellers are accepting the reality that they may need to also adjust their home prices in order to sell their homes. Some regions appear to be doing better than others in making those adjustments. According to data from the NAR, it seems that sellers in the Northeast are being the most realistic. Sellers in the Western region, which is dominated by California, are being the least realistic.
The numbers by region:
- Northeast: Sales volume up 1.5%. Median price down 3.9%.
- Midwest: Sales volume up 0.6%. Median price down 1.1%
- South: Sales volume down 0.9%. Median price down 2.6%.
- West: Sales volume down 2.4%. Median price up 0.3%.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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