Existing Home Sales Up, Median Price Down

posted on November 29th, 2009 filed under: Real Estate News

Recent data from the National Association of Realtors showed existing home sales rose sharply in October over September.  Good enough.  But home sales and home prices are different matters, whether you’re talking about the U.S. as a whole or the local real estate market here in Coral Gables and Miami.  Most people are more concerned about home values, not sales volumes.

The NAR data show that prices have fallen for five straight months since June 2009 on both a median and average basis.

Does this mean prices have yet to hit bottom?  Not necessarily.  There is a seasonality to home prices.  NAR monthly price data going back to 1999 show that a high point is usually reached in June, sometimes July, and then prices slide until about October.  We might have seen the low on a nationwide basis earlier this year, and the current seasonal trough may put in the “higher low” that will help confirm that.

Home prices in the Coral Gables and Miami real estate markets might have seen their lows earlier this year as well.  But that’s a subject for a different post.

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posted by // This entry was posted on Sunday, November 29th, 2009 at 9:59 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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