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Prices down everywhere but New England

December 2, 2010 - Sellers in New England appear to be the only ones selling their homes and moving for a gain in recent weeks.

Data from Freddie Mac showed that national home prices dropped 1.9 percent during this year's third quarter compared to the previous quarter. Prices were also down 3.1 percent from a year ago and fell in eight of the nine Census Divisions. In New England, prices were up a modest 0.3 percent from the previous quarter, though they had fallen 0.5 percent over the past twelve months.

Still, that's better than most other regions of the country, where price declines are complicating matters for many sellers are forcing some to alter their moving plans. Values in the Mountain Division, for instance, decreased 4.9 percent during the third quarter, while prices in the South Atlantic - from Virginia down to Florida and including the District of Columbia - fell 3.2 percent from the previous quarter.

"Home sales in the third quarter declined from the second quarter, in part because of the expiration of the home-buyer tax credit. We're now seeing the effect of the sales slow-down in home purchase prices," explained Amy Crew Cutts, the deputy chief economist for Freddie Mac.

Falling prices have made selling a home in the current market harder, though many buyers find them helpful in making moving into a new home more affordable. A recent report from Fannie Mae showed that 68 percent of consumers believe buying a home is a good idea in today's market.
 

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