Condo Prices Fall Nationally

According to MarketWatch.com,

Prices for condos were down 0.3% year-over-year nationally. Fifteen cities had double-digit increases from a year earlier, while 14 had declines. In the condo market, Phoenix, Ariz., had the biggest gains, up 25.3%. Condo prices fell 5.1% in the Atlanta, Ga., metro region. Condo prices were down in once-hot markets like San Diego and Washington.

Nationally, median prices for existing homes were up 3.7% year-over-year, according to data already released by the group.

The biggest year-over-year gain was in Baton Rouge, La., where prices jumped 27.3% as demand skyrocketed after the hurricanes. The rest of the top 10: Ocala, Fla.; Virginia Beach, Va.; Gainesville, Fla.; Portland, Ore.; Jacksonville, Fla.; Tampa, Fla.; Spokane, Wash.; Beaumont, Texas; and Eugene, Ore.

And according to the Real Estate Journal

Price gains slow across the U.S.

In the second quarter of this year, there was a drop in the number of cities experiencing double-digit home price gains from the same period the year before — from 66 to 37, according to new data released by the National Association of Realtors and published by MarketWatch.com. In the second quarter of this year, 26 cities experienced price declines, compared to 16 metros last year, MarketWatch says. Across the U.S., median existing-home sale prices rose 3.7% between the second quarters of 2005 and 2006, the Web site says. Baton Rouge, La., showed the biggest price increase — 27.3%, while Danville, Ill., had the biggest price drop — 11.2% — the article says. Condo prices fell 0.3% nationally, with Phoenix, Ariz., experiencing the biggest increase — 25.3%, the Web site says.

Hot vacation-home markets cool

During the housing boom, prices for second homes in vacation hot spots across the U.S. soared. But now, as the real-estate market slows, price tags in some areas are declining, The New York Times says. Vacation locales in all price ranges are experiencing a slowdown — from pricy enclaves like Lake Tahoe in California and Nevada and the Hamptons in New York, to more modestly priced locations like the Jersey Shore and Panama City, Fla., the paper says. According to the article, sales dropped 35% in the first half of this year in Lake Tahoe, 14% in Southampton, N.Y., and 19% in East Hampton, N.Y. Median prices declined 10% in June from the year before in the more modestly priced Panama City, Fla., and dropped 10% to 15% this spring and summer from the same period a year before in Ocean City, N.J., the New York Times says.

Prices have started falling in San Diego. 10% in the condo range and a little more in the high end home range. Even the median home price is down 5-10% from last year. I’m glad I’m a renter!!!

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