Report: Prices stabilizing despite falling home sales
December 21, 2010 - Though national home sales continue to decline, analysts say those moving into new homes are encountering surprisingly stable home values.
Home sales in 54 major metropolitan areas around the country fell 4.9 percent in November from the previous month, and 25.9 percent below sales from a year earlier, according to the latest national housing survey from RE/MAX. The report added that home prices dropped 1.7 percent from November 2009, a decline that was actually better than some experts predicted. In fact, 36 markets, such as Boston, Washington, D.C., and Burlington, Vermont, saw prices increase over the past year.
"Despite predictions about falling home prices, they appear to be remaining stable with several markets reporting significant price increases over last year," said RE/MAX CEO Margaret Kelly.
Additionally, a handful of markets did see monthly rises in home sales, though none posted year-over-year gains. Consumers moving to Jackson, Mississippi, pushed local home sales 9.2 percent higher. Even Las Vegas enjoyed a 4.7 percent monthly climb in home sales.
Las Vegas has weathered a brutal real estate storm in recent months, driven mainly by increasing numbers of foreclosures. The state of Nevada as a whole has posted the nation's largest foreclosure rate for 47 consecutive months, according to RealtyTrac.
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