Housing prices stabilizing?
We all could use some good news about the residential real estate industry. Fortunately, the National Association of Realtors is never shy about giving us some.
The association’s latest quarterly survey, released earlier this month, showed that the median sales prices of existing single-family homes in the third quarter of this year increased in 93 out of 150 metropolitan statistical areas. Six of these areas had double-digit gains in the median price, while 21 showed price gains of at least 6 percent.
That’s the good news. Unfortunately, when it comes to residential real estate these days, there’s always some bad news, too. The same quarterly survey also showed that the median price of existing single-family homes decreased in 54 metropolitan areas in the third quarter. Overall, the national median price of existing single-family homes stood at $220,800 in the third quarter of this year, down 2 percent from the same period one year earlier.
If you were selling a home in Bismarck, N.D., you were in luck: The median price here in the third quarter of 2007 stood at $161,600, up 15.1 percent from one year earlier. That increase was the biggest from 2006 to 2007, according to the Realtors association.
Tags: Bismarck-North-Dakota, housing-prices-stabilizing, NAR-quarterly-surveyRelated Stories
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