It’s official: Prices fell in 2007
January 24th, 2008 Posted in Market ConditionsThe median price of an existing U.S. home fell 1.4 percent last year, the National Association of Realtors reported today. It is the first drop in annual median prices since the NAR started reporting data in 1968, and possibly the first since the Great Depression.
Sales volume posted the steepest drop since 1982, though the NAR emphasized that volume was still the fifth-highest in history — a result of the nation’s growth.
We are expecting to have year-end sales data for Massachusetts early next week.
The confirmation that prices dropped last year won’t come as a surprise to many, as it simply confirms the end of a story that was written throughout the year. The median price was $218,900, down from $221,900 in 2006.
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