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U.S. resale prices slump
Country: United States
26 November 2008
Home resale prices in the USA have plummeted by the greatest level on record, as the residential downturn continues to deepen.
Fresh research from the National Association of Realtors reveals that purchases of existing homes fell by 3.1% last month to an annual rate of 4.98m units, less than initially projected.
The average price of a resale home depreciated by 11.3% to US$183,300 (£120,000) from a year earlier, the greatest annual decrease since records began in 1968. Prices fell in all regions of the country, led by the West.
Escalating repossessions are forcing home prices downwards and adding to the inventory of unsold properties. Sales may slump further as the credit crisis makes banks reluctant to offer mortgages.
Resales were forecast to fall to an annual rate of 5m units, according to the median estimate of 67 economists in a Bloomberg News survey. Projections ranged from 4.5m to 5.2m.
Sales dropped 1.6% compared with a year earlier. Resales totaled 5.65m in 2007.
The figures compare with the 4.86m level reached in June, the lowest in a decade and 33% below the record reached in September 2005.
The report showed resales of single-family homes fell 3.3% to an annual rate of 4.43 million. Sales of condos and co-ops declined 1.8% to a 550,000 rate.
Resales account for approximately 90% of the market.
Browse other USA property news stories, read articles about investing and buying property in USA or view our range of property in USA.
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