Homes Prices Slide 14%
You might wonder why I am posting this since the headline is negative? The answer is that I am sure many people will see this on their own and not read the whole article. There are a couple of things I want to point out:
“Traditional homes in good condition have held their value much better, so owners shouldn’t be overly concerned about median prices,” said NAR president Charles McMillan, in a prepared statement.
NAR’s chief economist, Lawrence Yun, characterized it as a lull before an upturn. “Housing affordability conditions are at record high levels, ” he said, “and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas.”
Sales volume increased substantially in only a few states, mostly one-time boom areas. Sales were way up in Nevada (116.8%), California (80.6%), Arizona (50.2%) and Florida (25%), as well as Virginia (12.2%) and Minnesota (11.9%). Everywhere else they were down.