7 Feb 2012

Home Prices Continue to Drop Nationally

Posted by Michael Sosnowski

We are now 5 years into the housing downturn and it has been more than 3 years since the dramatic meltdown in late 2008 – early 2009.   During this time there have been substantial declines in sales volume and median pricing across the country and in Maine.  There are some differences worth noting, however, as recent Maine pricing results performed better than the many other parts of the country.

Nationally, home prices are monitored by the S&P Case-Shiller Index, which was developed in the 1908’s. The index is actually a composite of several, which measure changes in the prices of single family homes in major metropolitan areas.

At the end of January 2012 the most current report S&P Case-Shiller report was made available. According to November’s report home prices fell sharply in November as 19 of 20 cities included in the index recorded price declines.

Prices are down 3.7% from a year ago and are down 32.8% since they peaked in the summer of 2006. In a published statement, David Blitzer, a spokesman for S&P stated “Despite continued low interest rates and better real GDP growth in the fourth quarter, home price continue to fall.”

Phoenix, one of the hardest hit metro areas in the country, was the only place to record a gain in November. Prices there rose 0.6% month-over-month but are down 3.6% from a year ago. Home prices in Chicago posted the steepest decline of any city on the index, falling 3.4% month-over-month. Atlanta prices were down 2.5% and Detroit prices fell 2.4%.

Closer to home, Boston is the city closest to us included in the 20 that make up the index and in the most recent report prices dropped 1.6%.  This represented the third consecutive month of declining values and brings the region’s home prices to the level they were in April 2003.

Maine Real Estate Sales

Our year end reports compare all of 2011 with 2010.  In the month of November the median price of a home in Maine was $167,950 compared to $168,500. For Cumberland County the median price also increased marginally from $219,000 in October to $220,000 in November.

Through January, Maine has recorded six consecutive months of median price increases.

A summary of 2011 Maine sales results is available at: Maine Home Sales. Details of  individual towns can be accessed following the links at Local South Maine Communities on our website.

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Categories: Maine Real Estate

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Buying Your Home Heart and Mind Buyer Agency
Exclusive Services Agency Relationships Title Insurance
Home Buying Process Advice and Strategy
Affect of the Economy Determining A Price First Time Buyers Viewing Homes Second Homes Home Search Strategy Waterfront Real Estate
Common Forms
Selling Your Home CMA Request Marketing Programs
Search Engine Marketing Promotion Showing Results Internet Marketing Advertising Keller Williams Advantage Opt-In Marketing Staging Transaction Reporting Web Statistics
Pricing Factors Advice and Strategy
Counteroffers Establishing a Price Listing Agreements Feng Shui Principles Considering Repairs Value of Improvement Choosing A Realtor Common Mistakes
Home Selling Process
Maine Maine History Maine Geography Maine Economy Maine Demographics Maine Education Maine Climate Maine Beaches
Maine Real Estate Blog
Search for Properties
Maine Communities Portland South Portland Scarborough Falmouth Cape Elizabeth Cumberland Yarmouth Old Orchard Beach Biddeford
Search For Homes
Lifestyle Map Search
Daily Property Updates
Waterfront Real Estate Coastal Maine
Maine Coastal Guide
Maine Lakes
Maine Lake Guide
Maine Rivers Casco Bay Islands
Peaks Island Chebeague Island Great Diamond Island Long Island Cliff Island Cushing Island
Waterfront - FAQ's
Relocation Services Relocation Package Area Digital E-Guide Maine Counties Quality of Life Education and Schools Art and Culture Property Tax Rates Common Relocation FAQs Moving Long Distance
Mortgage Center Mortgage Types Credit Scoring Fee & Closing Costs Mortgage FAQs Tax Credit
Retirement in Maine Retirement Planning Retirement Communities Changing Demographics
Real Estate Investing Vacation Homes 1031 Tax Exchanges Condos and Townhomes Remodeling: Cost vs Value
Media Archive