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Home prices fall a record 15.6%
Year-over-year prices may have fallen at a record pace, but there are signs of improvement.
NEW YORK (CNNMoney.com) -- Median home prices fell a record 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report.
There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.
The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us.
"With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy," said Lawrence Yun, NAR's chief economist..
Year-over-year prices may have fallen at a record pace, but there are signs of improvement.
NEW YORK (CNNMoney.com) -- Median home prices fell a record 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report.
There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.
The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us.
"With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy," said Lawrence Yun, NAR's chief economist..
So all those incentives where needed to try and re-inflate the bubble? what they still miss is that home prices are still over priced, especially when you factor in the current state of the economy...
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